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Thank you government for capping late fees at $8 instead of $32. Now I can afford my 30% interest rate on my balances

@asiaanderson5556

3 ай бұрын

When you pay your balance in FULL, it shouldn't matter what the interest is😉

@moniquet6127

3 ай бұрын

😂

@speednomad5558

3 ай бұрын

I want to hit like to the comment but. The amount at the moment its NICE

@TheToymaster11

2 ай бұрын

Do worry they will charge for paper statements.

if you pay late more than once you dont need to have a credit card or even a library card.

Now that the late fee has been reduced, has anyone kept up with a congressional bill to cap interest rates at 19%? I don't remember who sponsors it.

Lol they save a few bucks on the CC fee and pay 30% interest on what they borrowed. People are insane using CCs. Unless you NEED to use it for something to survive, don't use it.

@empathyisonlyhuman7816

2 ай бұрын

Howdy hi hi, I would have to disagree with you on that. So long as a person pays off in full every charge made over the course of a month it is perfectly possible to use these cards to build credit without paying any interest fees. This is what I've been doing for the past six months. And I've seen my credit score go from the mid 500s to 655. This means that if I need to take out a car loan, or other major purchase I'll be able to get a more favorable terms. The key is being responsible with your spending. For instance I have a couple of my monthly expenses charged to my CC. Then once it is posted I pay it off completely. The key is to get the CC companies to raise your spending limit periodically. This will mean that for those same expenses charge, they will report a lower credit utilization which in turn helps to bump up your score.

@AFlyingMayMay

2 ай бұрын

WRONG

@QuattroSG

2 ай бұрын

You’re probably better off doing something else to survive instead of using a credit card. I cut up all mine when in April 2022 they more than doubled my interest rates on all my cards despite no change in my credit score or any new debts etc. just arbitrarily did it to me because of things going on in the wider economy, punished for monetary policy in DC rather than rewarded for being good with my money/debts.

@roadrunner40

Ай бұрын

​@@QuattroSGjust stop buying stuff you cannot afford and you will not have to worry about the interest rate. I have six credit cards and I don't know the interest rate on any of them. I also have never paid any interest.

I suspect, if it goes into effect, all grace periods will disappear. Your payment is due June 15th? June 16 @ 12:01 am a late fee will be levied if they haven’t posted it...

CREDIT IS A TOOL NOT A SECOND INCOME PREACH! ✊ Some folks are not built for credit pay on time!

The card issuers will find a way to make up for it.

Capital One often customers be excused from the late fee by asking, hence they never really made as much money as other banks from it.

@brettdomenick

3 ай бұрын

As far as I know, most major card companies are willing to waive your late fee once or twice if you ask

@hotdrumchick

2 ай бұрын

@@brettdomenick Especially if your payment history is very good.

Dont be late like come on that’s the persons fault

@stevenluo9516

3 ай бұрын

And here's where I can introduce the concept of "the punishment should fit the crime."

The *user* of the *product* *agreed* to this *term*

@stevenluo9516

3 ай бұрын

Too bad regulations can curbstomp these cardholder agreements. Enjoy :)

Doesn’t matter because a late payment still affects your credit score really bad. Wouldn’t do it unless it was totally unavoidable.

@Bamapride1985

3 ай бұрын

It has to be over 30 days late before it is reported as late to credit bureau affecting your score. But there is no reason to ever be late on any card payment if trying to keep your credit in good shape

Sooo... Don't pay late? You know what happens if you don't pay your rent or light bill on time, right?

When the credit card companies can't make their money one way...they're going to make it another way. Most likely to the consumer's detriment.

@KarenHRiceScott

3 ай бұрын

I couldn't have said it any better.

@numbone

3 ай бұрын

You see Capital ones starting interest rates? 🤣

@CeeZee001

3 ай бұрын

Yup look at the Petal CC. I had a Petal card open like almost 2 years ago and just about last year they said they were switching some members over to an 8 dollar A MONTH fee. LOL. I kept it because business was good but lately i think its outrageous, especially when i'm using my cashback rewards to offset that fee. They want the honest customer to pay for the delinquents actions

@WanderingOutsideGuy

3 ай бұрын

Capital one will probably start closing accounts alot more now, I see fees on cards that didn't have them and new service fees on tiered amounts you have on the cards

@roxcyn

3 ай бұрын

@@CeeZee001 - I had to cancel it, sadly.

Do you think they will adjust our cash back rewards with lower percentages or take them away all together to compensate for this new law change? Thank you.

@randomaccount9212

3 ай бұрын

Yes

@bctsteve

3 ай бұрын

No. They need to attract new customers and get them into their ecosystem. They do that with sign up bonuses and multipliers. There are plenty of ways for them to profit from us once we are a long time customer.

@marlonmcintosh4500

3 ай бұрын

@@bctsteve Gotcha. Perfect. Thank you for your response. 🙏🏼

Thank God, i never missed, and I never had a late payment ever. Be disciplined...

My capital one credit card still has $39 late fee.

Credit cards are not loans. If you can't pay on time or in full, you're obviously beyond your means. It doesn't last forever. Bankruptcy is on the way. 😢

@grogu_2003

3 ай бұрын

There are exceptions though, some students get no intro apr cards to be able to then pay it off in the summer (I had to do it last year, and then payed it off fully with the internship). And just like this year I got the savorone and had to pay full rent upfront for another internship, if not for the SavorOne I wouldn't have been able to go to the internship

Miss a payment, get charged $8 and have your interest raised to the sky. Nothing in the illegal law that says that other punitive measures can't be made against deadbeats. Also, less likely to get a courtesy waiver for a first time offender.

This is not a "law" it's a regulation. Laws are passed by legislative bodies, not regulatory agencies. Two completely different things. Do they still teach civics class to the children these days?

@ProudMoney

3 ай бұрын

The law allows the CFPB to make the regulation, so really it is semantics. Regulators have the authority of the law, otherwise no one would have to follow the regulations.

@danielrios6396

3 ай бұрын

😂who cares either way they still ain't going to pay their bills on time

@richard1113

3 ай бұрын

@@ProudMoney The "effect" is semantics but in actuality, it's very different. Laws are passed by the legislature (Congress) and signed by the President. That's a law. A rule (or a regulation) comes from an agency under the Executive branch. The agency was created by Congress to manage a specific area, so in effect it is an extension of them. However, since the agency is run by unelected officials and not under the direct control of Congress (reports to the President), it really is an aberration and shouldn't exist.

@adamsmith8689

3 ай бұрын

@@ProudMoney literally two different branches of government, not semantics.

@stevenluo9516

3 ай бұрын

@@richard1113 Only in the United States is there a supreme court that doesn't like the words "secondary legislation" and engages in alternative semantics just for United States and no where else.

Great concise video.

Hey Adam do you know why Capital One keep sending pre approved offers but keep denying my credit? I’m their current banking customer with over 50k in my emergency saving account at their bank, never missed any payments ever and paid off balance every month. According to the Capital credit pull my credit score is 789 (828 FICO through bank Bank of America credit monitoring). What’s their policy?

@ProudMoney

3 ай бұрын

What do they give you as reasons for denial?

@oreally8605

3 ай бұрын

American Express sends them to me all the time, after turning me down last year. I don't bother, just throw them out.

@dunggg

3 ай бұрын

@@ProudMoney "too much revolving credit" I have 6 cards and a lot of them are older than 5 years.

@ProudMoney

3 ай бұрын

I don't know, that is surprising. Maybe they don't like your current fixed payments like rent/mortgage, car loan, etc., compared to income. But of course I don't know your situation, so it could be something else, too.

Hope u doing well Adam

Great content as always, thanks Adam!!!

This is terrible for everyone in the credit card game. They are going to lose more money and we are going to suffer.

Maybe those deadbeats should follow the contract they signed and pay their FAIR SHARE !

@anthonyblack9906

3 ай бұрын

why are u being so mean billabitchison. Life happens to people

@watman5

3 ай бұрын

​@@anthonyblack9906You must be one that doesn't pay their bills on time.

Outdated in 3 days😂

You agreed to the higher fee when you applied. Last thing we need is more over regulation from the government.

Love this

@suncat9

3 ай бұрын

Love what?

😊

This is a terrible law that reeks of government central planning. With late fees capped at $8.00, people will have less incentive to pay on time, and the costs will just be shifted to higher annual fees, higher interest rates, etc. Consequently, people that ARE responsible and pay on time will shoulder higher costs. The only thing that should keep late fees in check is COMPETITION between credit card companies, something that woke liberal/progressives are incapable of understanding.

@dh2266

3 ай бұрын

Couldn't have said it better myself. Whenever someone starts to ask me "should the government..." my answer is already 'no.'

@feilox

3 ай бұрын

actually people gonna carry over if their balance anyways if they do. Wouldn't matter much, just saves people with HUGE balance some money.

@iwearleatherjackets1

3 ай бұрын

1. High late fees have in no way stopped people from not paying their bills lol 2. What competition? The average consumer banks the big four; they do not shop around, and the "free market" is locked into crazy fees. 3. People get into debt for many, many other reasons than lack of responsibility. Don't forget to polish those boots you're licking.

@dh2266

3 ай бұрын

@@feilox having a huge balance is not the same as paying late fees. People with large balances may never pay a late fee as long as they're paying at least the minimum every month.

@daw7773

3 ай бұрын

Warning, Credit Card company management in comment section.