Jacqueline Marcus: Beware of New Hidden Annual Credit Card Fees The Bankers Hope You Won't Notice

BUZZFLASH GUEST COMMENTARY
by Jacqueline Marcus

It's hidden in the small print or WAY on the very bottom of the paper work that most people throw away.

Ordinarily, I wouldn't have noticed, but my friend, trained as a lawyer, is in the habit of checking fine print and brought my Sears Visa bill to my attention. There it was at the bottom of all that mumbo jumbo gobbledygook (fine print) disclaimers: A New Annual fee of $30.00.

It's one more example of our wonderful, dysfunctional, crooked Congress. Remember all that talk about how they're going to regulate the banks on outrageous interest rates. HA! They left plenty of openings to screw us. In fact, they made things worse (one more reminder why we must INSIST on a public option for health care). Just when you think they can't charge high interest rates, voila! They gave the banking corporations an open door to charging hidden annual fees from $30.00 dollars AND UP.

Oh -- and don't count on those fixed interest loan fees -- CHECK THE FINE PRINT. Credit Bankers can change the fixed interest loans to a variable i.e., just when you think it's fixed at 6%, SURPRISE! They have the legal right to change it to a variable, which means there's no limit -- they can raise it as high and as long as they want.

Did Congress correct the sheering of the sheep? So far, no laws have prevented big ripoffs.

In some cases, it could be worth paying an annual fee on credit cards if you're getting something back in return e.g., mileage plus flight tickets. But folks! Beware! The same greedy bankers that stole the stimulus money for bonuses are now charging you annual fees that they pocket for profits and with the exception of mileage plus, you get nothing back in return.

Does it make you mad!? I immediately cancelled my Sears Visa card and told the assistant: "Tell the greedy bankers: NO DEAL. I'm not going to pay for their stinking annual fee.

I can think of a dozen or more liberal organizations that deserve that extra annual fee -- starting with BUZZFLASH. Why should I give an extra annual fee to the credit card bankers so that they can buy more private jets?

Call your credit card companies and ask if they're charging an annual fee or have plans to do so. If they confirm it, CANCEL YOUR CARD, and sign up for credit cards that don't rip you off.

BUZZFLASH GUEST COMMENTARY

Jacqueline Marcus' book of poems, Close to the Shore, was published by Michigan State University Press. She is a regular guest contributor to BuzzFlash.com. She taught philosophy at Cuesta College, San Luis Obispo, California, and is the editor of http://www.ForPoetry.com. She is currently promoting green technologies (solar & wind) on the island of Maui. www.GoSolarMaui.com. She is currently working on a new book: Corporate Media and the Erosion of a Civil Society.