Good question... I dunno what is the right answer. I'll do some Googling and get back to you if I find an decent answer. You should email the people at Discover Card as they probably could help you..

My closed Chase card has a total balance of $14,259..

$10,976 of that is at 2.99% for life..

$803 of that is at 9.99% standard purchase rate..

$1,099 of that is at 15.74%.

$1,328 of that is at 17.24%.

$256 of that is at 19.99%.

The aggregate rate is 5.87%.

~$70 a month in interest..

I'm just waiting for February 22 when I will click off an on-line payment to Chase for EXACTLY my minimum payment PLUS $3486 which will leave only the $10,976 balance at 2.99% for life and I will be paying (with Discover card) ~$26/month in interest instead of $70. I'm counting the days. Those buried high rates are all I have left out there over 5%. It will however be good for Chase too even though they have lost a valuable customer and will be loosing a further measly $528 a year in profitable interest. Because I hear Chase is having financial difficulties and is desperate for cash so by getting paid back their $3486 early maybe they can pay some of their overdue bills now and worry about the lost business later..

February 22 will be a good day...

Because of my usage and payment habits, I don't really stand to benefit much (if at all) from the implementation of the CARD Act..

Like George, I expect additional damage, if anything...

I have $14.8k in bt rolling in May (paid down from $27.6k 11 mo ago). I last rolled the debt at a cost of about 2% on the average outstanding balance (fees of about 1.5% on the initial balances). Two years ago the debt was financed with fees under 1%..

Thanks to the CARD Act, All signs are that options to refinance through bt will come in at an effective APR of no less than 6%. For the first time, securing the debt by rolling it into my HELOC seems like the best option..

Of course, eyes have been wide open to these likely consequences of the Act for over a year. Note my post of a year ago (last in thread):.

Http://creditboards.com/forums/index.php?s...hl=restrictions..

As far as added damage: I currently benefit from a 2.5% rebate on approx $30K in annual purchases ($750/year) on my Chase Freedom card. I definitely don't expect that to survive another year given revenue constraints imposed on Chase by the CARD Act..

When the final toll is tallied, I expect the CARD Act to have cost me $1K/yr or more in added interest and lost rebates...

I can't see how any further "damage" can be done. Every issuer of mine has raised the interest rates or added an annual fee. Those with added AFs were closed...

I am in the process of moving all my credit lines to credit unions. The only changes I can see is that the card issuers are going to lose a lot of business in return for their "loophole" adverse actions...

Very true and I would bet the number of defaults/charge offs/BK filings will go up in 2010. Rate Jacking, raising minimum payments, etc... when people are already struggling is just shooting themselves in the foot...

One thing lenders have shown a penchant for is profit at any price..

The new laws just took away billions of revenue from lenders. Does anyone.

Here honestly think they'll just let that slide? They've already RJed everyone in sight,.

CLDed/Balanced chased the best and worst customers and new accts start at insano.

APR and go higher from there..

You can bet your checking and savings that lenders will look for even more ways.

To bend their loyal consumers over again and again and again..

I would guess that by this time next year, the entire Discover card industry will.

Be an even worse deal for the consumer, thanks to all the loopholes in the legislation..

PIF fellow CBers.. Its your main weapon in fighting off lender greed...

Well, that is why I went to a credit union. My rate on my new $5000 card (more than any major lender would give me) is 10.9%. It will go down to 9.9% in a year..

I am hoping to get a CLI on my DCU card, keep my citibank card (they've treated me well, dropped my rate, and not CLDed me), and give a big FOAD to the others. Amex already closed my account, and I closed my account with chase when they decided I should only have a $300 credit limit with them for "business reasons.".

I'll keep my old discover, and as far as I'm concerned, sayonara to everyone but my CUs...

My BOA Visa which is where I am revolving a 10k balance is still at 9.99 fixed. The days can't come soon enough. If they do a last minute RJ I just might do a settlement offer or charge it off...

HOW CAN YOU HAVE SO MANY DIFFERENT APR's.

I only have one single APR (unless a 0.00% APR ends) and gets jacked up.

Or.

There is a CASH ADVANCE RATE line that I don't use..

Thoughts for 2/22?.

Yeah, the legislation will suck just as much then as it did when it was first proposed and still sucked when it was passed...