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H.R. 5546 - The Credit Card Fair Fee Act of 2008

Here's the full text of H.R. 5546 - The Credit Card Fair Fee Act of 2008 icon_PDF_small.gif that was introduced yesterday Rep. John Conyers and several other co-sponsors "to amend the antitrust laws to ensure competitive market-based rates and terms for merchants’ access to electronic payment systems."

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I just received a bill from Chase Bank. The minimum payment is more than double what it has been in previous months and they tacked on a $10 a month service charge. We have never been late on a payment.

The same thing happened to me. My minimum went up from 2 to 5 percent and I was assessed a $10 monthly fee. Moreover, after calling Customer Service to complain, I was told I could surrender my 4.99 percent apr for a 7.99 percent and they would remove the fee and revert to a 2 percent minimum payment.

I have written my Congressman and two senators, my local newspaper and Chase bank to complain. Everyone must protest loud and clear about this. The bank promised a fixed apr for the life of the balance and is now going back on its word.

Not everyone is in credit card debt out of materialism. I was laid off in 2005 and out of work for close to a year. I needed my credit card to pay bills, and the balances rose very quickly.

I never got any notice from Chase they were going to do this. At the very least, they could have raised the minimum payment at a more modest rate, but I think their objective was to get higher interest and not help people get out of debt.

We use auto pay but kept the paper statements. My wife just alerted me to the notice that our minimum payments tripled + the $10 service fee. I am now looking to stop the auto pay. It is no use complaining to the government, the banks got our tax money and are now taking whatever dollars we have left with our representatives turning a blind eye.

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