I just received an offer in the mail for a "Black" Visa card. Ad states that this is offered to only 1% of consumers. Hey nice, at an annual fee of $495.00 For the most part the card doesn't offer anything more meaningful that a regular card and carries and interest rate of 13.4%

These bankers are absolutely nuts. For years they have been "pushing" all kinds of crazy promotions and scams. Tell me why does a CC company have to have a 100 different versions of the same card, red, gold, purple, platium, silver and whatnot. The system is in the shape it is purely and simply because these bankers have tried every which way to squeeze the consumers. This new law is 100% right, the terms of a card should be really simple, here's your card and here's your interest rate, none of this nonsense about if it "rains on the fourth sunday in Febuary, we get to raise your interest rate.

There's a lot of posts on Clark's board about "irresponsible" people, while I agree that happens, it's a small part. Most people that carry a balance, have been responsible with there credit. I wish everyone was in a position to pay off their balance every month, but, each situation is different. You know the old saying " let he without sin, throw the first stone".

I personally don't think the new law went far enough, what the banks and Wall Street ( you can also include Washington) has done to the financial system border lines on "massive fraud" on the people of the United States. If you are I used the type of accounting methods they use, we would be in jail for sure,but it's okay for these crooks because it's a little club, where they all look out for each other.

The problems started with the bankers and the blame needs to be placed squarely on them. There Lobby has done a good job of "blameing the victims" (us) and the Media of course went along. We shouldn't of been consuming so much? Without the consumtion, there won't have been any jobs (as you can all see now, as the spending stopped). It's all a house cards built by Washington and Wall Street. They got out in time, were stuck holding the bag.

Don't believe the banks when they say there planning because of this new bill to charge you an annual fee. They may try, but eventually it won't work and they will be forced to give away there cards to good credit risks. So don't worry, you won't lose your rewards.

For everyone in Anon's position,
Why don't you calculate the interest charges that will be imposed on people who for example carry the national average of $8,000.00 on a credit card should in absense of this new law,if the interest rate is "rate jacked" from 7% to 35% Multiply that by the tens of millions of consumers and then compare that number to the few hundred dollars of reward perks you MIGHT lose. Include in that calcutlation the damage to peoples lives being ruined by the racketeering executives in the banking industry. Oh, I forgot, it's peoples own fault for getting into debt in the first place. Right? No sour grapes, but, you people who have been that blessed financially, no one is implying that you haven't worked hard, but, there are plenty of people who work hard and never accumulate financial freedom. Count your blessings and stop being so short sited about losing some "perks" you probably don't need in the first place.

clark i thought you were a free captilists.obama is a socalists and terriosts.we have plaenty of oil and natural gas here in americia drill baby drill.

Heres a way to get even with the nasty credit card companies, the banks, and avoid more bailouts....Everyone cut up your credit cards, and live within your means. If nobody borrowed to buy what they wanted, there would be no debt. If you want a big screen tv, do like my grandparents did for their first tv, save for it. when you have saved enough, go buy it and its yours, with no payments or interest and no one can take it away. I have lived my life with my grandparents frugal common sense approach to buying things....I sometimes buy second hand, or shop something to death to get a bargain, but i never get it now and pay for it later......that is why this country is in the hole it's in and why we have all these bailouts...everyone wants to live like they're rich, even the ones that aren't....it's time for a reality check.

OMG Clark, I can't believe you're being bamboozled. It's all being done so they can charge us more in taxes (because we're using less fuel, that means less revenue for them, so they have to raise taxes to make up for it). Not only that, there's an easier way to reduce our dependence on oil, DRILL FOR OUR OWN, WE HAVE PLENTY OF IT!

I keep seeing posts on this board that state all the consumers with "good" credit will be paying for people with "bad" credit. What?? This is a scare tactic that the banks are using to keep everyones eye off the real issues, and that is to continue to give them an unreasonable amount of power over consumers to charge what ever interest rates or fee they want. If the banking industry isn't stopped all they will succeed in doing is totally sinking anyone already in debt who is trying honestly to dig their way out. If they sink these people and they all simply default on what they owe (Trillions of dollars), who do you think will pick up the tab for that?? I can assure you that if there is massive CC default, you will pay a heck of a lot more than any annual fee you are worried about paying because of this new law. If you pay your balance off every month the interest rates being charged already doesn't impact you one way or another. The issue is banks raising interest rates on existing balances retro actively. If they continue to be allowed to do this, the default rate on outstanding debt will be 50% or more. People will just stop paying. Then What? Banks aren't going to chase away their good customers by chargeing outragous annual fees. Heck, American Express has been charging annual "membership fee" for years. No one has complained about that. So why is it such a big issue now? Because the banking industry is lying to you all. They want to create this class warfare so they can contiue to go along their merry way riping us all off.
If this law isn't passed, the banks are just going to rate jack and come up with all kinds of new "fee" that will be imposed on everyone holding a card. Good Credit or Bad. They need to be stopped. It's their greed and those of their buddies on Wall Street that caused this mess. Stop placing the entire blame on people who were just trying to make it through their lives. We're all not blessed with the same financial resources.

Since when have we had a Government for the people and by the people?? I can't believe the good ol" USA is not out in the streets with pitch forks! I have a saying "Miss Manage Your Money,Don't You Dare Miss Manage Mine!" They need to start anew in Washington wipe the slate clean. Get all of the GREEDY people out of there. It is about swelling there pocket books and flatting ours has been for as long as I can remember. Why do we not get to vote on their pay raises. They do not pay into SS yet they are spending it,also RRR. We have allowed them to control every breath that we take. Enough is enough. Health-care is a joke Rx's Joke,Banks,mortgages,credit cards,cars,oil,food. anytime U let the Government put there greedy little fingers in our business. You have to say not WHY, But WHY NOT!! WE were not ask to vote on bailing out the Mortgages Lenders ,Banks, Auto,food should of been down it is governed by oil and fertilizer, well it is still high!! I could go on and on, and give U statics but I properly would be locked up.

The idea that increasing fuel economy will decrease our "dependence" on foreign oil (and thus deprive terrorists of money) is completely absurd. Scott Adams puts it plainly enough (through the words of Dogbert):

Dogbert: Actually, developing countries would buy the oil you saved. Thus adequately funding those same terrorists.
Dilbert: At least I wouldn't be funding them myself.
Dogbert: Oil is a fungible commodity. The capitalist system virtually guarantees that you'll end up buying the lowest cost oil from sources unknown to you.

See the link below for the rest of the comic and more useful info:
http://www.freerepublic.com/focus/f-news/1584659/posts

Also, human's are not very good at realizing savings from increased efficiency. Human's tend to use the same amount of energy regardless of efficiency (for example, when someone gets a more efficient AC unit, instead of saving money, people tend "realize" most of the savings by setting the thermostat at a more comfortable level - thus negating most of the energy and cost savings. Another example is the safer you make a vehicle, the more recklessly people drive (same principle).

I bought a new Saturn SL in 1999. We had 40 MPG on the highway for years, today with 234+K miles we get 36 MPG on the highway. It has been very reliable and we still have the original clutch, transmission and engine. I will keep driving it until the wheels fall off or they make a new car that is this good and affordable, less than $20K.

The car companies have consistently raised horsepower and weight to their vehicles. There is also a direct correlation to the price of a vehicle and the poorer the gas mileage (except the hybrids - paying for the green factor). I am not impressed with today’s cars and need an affordable, reliable car that gets great gas mileage. Will car companies rise to the challenge if it is not required? I have not seen them do so in the recent past.

I read on the NY Times that credit card companies are going to reinstate annual fees to make up for their loss. Or they will take away rewards for usage. And canceling a card will lower your credit score which affects insurance rates.

I've gotten as high as 41 MPG on my '99 Dodge Neon. During the summer, I usually average about 35 MPG. During the winter, it can drop to about 28 MPG, but I usually get around 30 MPG. Total average for my car is 33 MPG.
Fuelly is a great website for keeping track of your car's gas mileage.

I can get my Chevrolet Cavalier to 34MPG so its not that impossible a task, though I'm going to be in a world of hurt if I ever get into a collision.

I was just starting to drive back in the 1970's when the gas crisis hit. I can remember the long lines and no gas. I can also remember Honda's first cars and the Yugo's, what pieces of junk and death traps to boot. I agree that we need to be less dependent on foriegn oil, but, I don't like this idea of Washington being involved in the car business. While Honda and Toyota and Kia make pretty good cars, the botton line is can anyone name a car that handles, drives greats, is safe and fuel efficent that doesn't cost over $50,000.00 Only ones I can think of are BMW, Mercedes, Volvo, Lexus, just to name a few off the top of my head. Heck, a Honda Accord or Toyota Camry is now a $30K car. The vast majority of people aren't going to be able to afford them. Then we will all be stuck with the "coke cans on wheels" that Washington will force us to drive. Hey, it's one way they can control population growth. Highway deaths should increase about 1000% I don't want to be driving on I285 or GA 400 in one of those death traps. I'll take my chance in an SUV and pay the $5.00 a gallon for my kids safety.

The banking industry is using class envy, scare tactics and out right lies in an attempt to make consumers believe that if this bill is signed into law that they will be forced to make up the lost profit from fees and higher interest rates by charging the so called good credit risks annual fees and higher interest rates. Which is some sort of code that the better credit risks will be subsidizing the lower end of the FICO Scores. This is an outright lie, they have been "jacking" interest rates on all accounts for any reason they can come up with. I have a 780 FICO score, never been late on a payment in my life and interest rates on all my cards have increase over the last 6 months. You know why, just because then can. Don't beleive them, unless they are stopped, they will stop at nothing to increase rates across the board, good credit or bad. I find it funny that bank executives talk about "profit and losses" like their an ordinary business and not in banking. Banks, through the "fractional reserve" banking method have created 90% of the dollars in there banks out of thin air. Created by nothing, backed by nothing. Even with the ability to create money out of nothing they still managed to almost bankrupt themselves and the nation. Their a bunch of liars and thevies that have just about sunk this country through their greed. I hope they all go out of business.

Maybe people won't be so hesitant to accept these changes in the fuel efficiency standards once gas prices rise again to 4+ mpg! The 35mpg benchmark is easily attainable with technology that we already have but have not used. Making cars to a higher standard will be beneficial for us in the long run but will not be easy. Those of you who need or want less fuel efficient cars can have them...just be prepared to pay out the nose in maintenance, gas, and possibly higher taxes.

I agree that we should move toward efficiency and improve life and the environment. The biggest falicy is using MPG to regulate this. I do however agree with the emissions part to the bill. People's driving habits control the MPG. That number is an average within a range. Someone can drive a car that has that 40 MPG sticker on the window so it only gets 12 MPG. Another situation is someone driving a car that has a 25 MPG sticker to get 30+ MPG. It is up to us as individuals to get better gas mileage. Get a manual transmission car. Learn how to drive it and watch your gas mileage rise.

What you have is a government regulation and bureacracy interface with an industry that is in great distress.

This will only harm the industry, restrict consumer choice, and increase dependence and more money going to politicians (because the politicians will harm your industry).

I did not think this is what you are for, or benefit from, Mr. Howard

I'll give up my Monte Carlo SS when they pry my cold dead fingers from the steering wheel.

If Clark or any one else wants to drive a knees-to-your-chest econobox then they are welcome to it. I have a problem when others are forced to drive what Clark Howard thinks they should drive. This used to be a free country and people could spend their money as wisely or foolishly as they wished. Along came Clark Howard and the anointed liberal cadre and now we are ordered to drive only certain cars, buy certain light bulbs and scratch our asses only on the days Clark Howard approves. Shame on Clark Howard. It is because of him and other liberals that Americans have becomes slaves to their government in Washington.

I recently had a 1.99% promotional expire with Chase. All of my other promotionals with Chase in the past reverted to the purchase price if the balance was not paid off by the end of the promotion. This time they got me by creating a new promotional balance rate that was nearly double my regular purchase rate. I had no notice that they would do this. Also, I have other accounts with them with a much lower rate and my credit score has gone up since this card was issued. I am concerned this will happen at the end of any promotional offer.