Banks and credit card companies are taking big profits; RBC made $632 million just in fees in 2007 & 2008(I use to work for RBC). I became a Sales Rep. and needed a credit card to do business and I was making fairly good money - THEN, it happen a drunk driver hit me, I am now disabled and unable to work(can happen to you or anyone is a flash of a second - life changes because of someone else). Guess what, I am now a low-income worker with a credit card balance; I make my payments but can only pay the minimum balance which 90% is interest.BUT did you know that if you make your payment after 3 p.m. on the last day due, it is considered late and is now a missed payment - come on this is robbery and do this twice they will jack up your interest rate to 24.6%!!!!! Again this is outright robbery. One credit card company charges a fee $53 per year plus I was only $3.00 over limit and they charged me $29.00 over limit fee on top of interest and annual fee - again this is outright robbery. GOVERNMENT MUST go further to stop these credit card companies from highway robbery and look closer at all fees from them and banks. REMEMBER IT WAS THE US BANKS AND INVESTMENT COMPANIES WHO WERE GREEDY AND SENT US INTO THIS RECESSION - these executives are still getting their big salaries while the average hard working person's are paying for it. I am only one example of how life can change in an instant and then a recession hits to boot - it must stop now!!!!!

Hey, Dave.

It's called PUNCTUATION: all those funny little dots and things... you know, the ones you probably use to make little smiley faces and such? :) Try using them sometime.

My Son went to Calgary in Oct and his hip went into spasm @ 3am swelling to twice normal size. He had been complaining of pain in his hip since an operation 25 yrs ago. Dr's said it was in his head. He had an operation in Jan to remove his hip bones which was unsuccessful and had it redone in Apr. because of the extreme pain he was in. During this time he paid no interest to his RBC Visa.
I took over the account when I realized he could handle both the pain and the pressure. At that time he was 2 payments (88 days) past due. We immediately brought the account up to date, but a week later recieved a letter advising the card was cancelled and the rate had been increased by 6%. They call for $100 minimum payment 92% of which is interest. Not only is this robbery it also shows how callious they can be.

I have read most of the comments and i find that everyone is entitled to their opinion and each has a point , but to those who would call people whiners and blame them for their situation is not right.If all of us stop to think about how business works we would find that companies employe the expertise of the best psycologists and human behavior experts to find the weaknesses of the human mind and body.These experts know how to get you addicted to almost anything.Lets say for example,tobacco,alcohal,coffee , coca cola ,sugar etc,I think you get the gest of things.These companies know the effects of these products and monopolized on it, glamourizing it on every avanue that was availble to them , tv, magazines, affordability and so on.These CEO's of companies are tyrants with no concience.The remedy(BOYCOT) the product,this will trully change things.

If you want a loan get a credit line. I put all of my purchases on my credit card & if I can't pay it all by the due date I pay my card off with my credit line. Credit cards were never designed to carry large balances for years. If you do have a large balance on a credit card & are only making minimal payments talk to your bank close down the card & get a consolidation loan instead.

The credit card companies always win. Case in point: I had a Sears card, but was informed several years ago that it would be changed to a Sears Mastercard. Since I have another credit card, on which I earn points, I only used the Sears MC to make Sears catalogue purchases. Well, because I returned some items, I ended up with a $164 credit on my account (I ALWAYS pay off all my credit cards in full). The next time I went into a Sears store, I requested payment of my credit. Nope, that's no longer handled by Sears, but by Chase bank (the issuer of the Sears MC). I was advised to just leave the credit for my next catalogue purchase. Well, I was out of the country for a year, and I hadn't made another purchase for about 14 months. I just got a statement from Sears MC and they had DEBITED my account $25. I phoned and was informed that "they aren't a bank". So, you have a debt and you pay (rightly so), and you have a credit (in essence, they have a debt to you) and you still pay! My biggest beef is that I wasn't informed of this in the weeks prior to the $25 debit ("it's in your credit card agreement"). Like I said, you can't win.

One thing to be aware of is if you are close to your max limit near the billing cycle. What happened to me was I was near it, the company charged the interest which put me over the limit by 2 or 3 cents and then I got charged an over limit fee of $29. I called and got it fixed because I did not put myself over the limit, they did. If I did it to myself then fine I know the rules and pay the fee. I think that's an unfair set up that way because how are we to figure out the interest before our bill when all the rules are different?

The only thing I can say is it hard today with all the bills people have accumalated and with the way jobs are...However my father always taught me if you cant' afford wait until you can...Yes I have a credit card or two and only use when necessary so when the bill does come in I am in a position to pay it off in full....My job is secure at this time but if it I was to be layed off then I would only have the regular bills that come with owning a house and no need to worry about the credit cards...

People just remember if you really don't need it then don't buy it, unless of course you pay cash..

I have a friend who is on government disability (ODSP). A couple of years ago she was sent a letter from the Royal Bank offering her a $10,000 line of credit. She has banked in the same bank for years and all that is deposited in her account is her ODSP cheque. Having suffered a couple of strokes some years back she is capable of understanding what this was but not able to realize the repercussions. She did not have to go through an interview at the bank and was granted the line of credit - all she had to do was sign her name. She bought a high priced electric wheel chair, a new bed, etc. etc. When she finally came to me, she had been enduring all kinds of calls from credit companies, some very nasty and very crude. There was no way that she could ever pay this money back and I took her for an interview so that she could declare bankruptcy. There was at least one other person in her building who took advantage of this deal? I cannot believe that the bank would send the letter to her in the first place. Is there no checking done concerning the client's ability to pay? This situation angered me so much and I wonder how many others got "the letter".

people don't have to pay those high card rates at all,you can negotiate rates on their card,I did and if I kept a balance,I would pay 9.11%.It's like buying a car,do a little wheelin and dealin and you can get a much lower rate

I have an understanding with my credit cards and that is If I can't pay off the balance by the end of the month then I don't get it or charge it. As far as I am concerned there should no need to charge what you can't afford. The generation of today wants everything now.Set aside money out of the paycheck for emergencies like appliances etc. that need replacing.If you like charging then don't complain when you have to pay high interest rates. Thats the bottom line. Sorry but that's life.

If the credit card companies wanted to be fair then the existing credit card rate at the time of purchase should not be changed to a higher amount if not paid off, The government has done little to help those in a financial bine. Credit cards rates went from highest 18% to 29%. If they wanted consumer spending on track why would they facilitate the additional money spent, be paid in interest to credit card companies. How is that going to stimulate the economy. How does forcing people into bankruptcy with higher interest rates help.

I keep all my reciepts and check them off the statement that way tou know what your balance should be. I have my balance withdrew on the due date which is hassle free

Hey Michael

I didn't know that grammer was being check next time I'll be sure to make all the dots you like geese its a Blog so bite me

I would like to know when Banks started to control us. They can only make these huge profits by using our money which we give to them willingly for next to no reembursement and by us using their high price services, which we seem to feel we can not live without. You do have control if you refuse credit cards when they are offered and you can refuse to pay those high rates. Deal with them as you would a car dealer. If you don't get the terms you want, walk away. I also suggest that more of you turn to Credit Unions for your banking needs. At least you get paid for doing business with them.

I agree with the majority of the comments, but I personally feel that it is the parents job to teach your kids that credit is something to be treasured and not abused. Yes, banks are happy to send a 19 year old a CC and encourage them to spend it all! It is a business that is very profitable to them. There was a time when we used our cards to live, due to bad times, and carried a balance. Once we were able, we paid it off and do every month since. So, if you can't afford to pay it off at month end, you can't afford it. Banks don't give out $2000 or $3000 loans anymore, they just give you a CC. Only way we can change it is to take charge of our own life and live within our means. I can't agree with the people who want to blame the banks because they have no self control.
Come on people! It is your life, take charge of it and think before you NEED IT right now.

I like the credit card i have. it has the lowest interest rate you can get on any credit card. you should always shop around before making a decision on a credit card. don't apply for the first card you can think of. if you want something cheap then it pays to look around. the new rules don't effect me at all. sure it will show me on my statement how long it will take me to pay off the balance if i pay the minimum payment but i really don't care cause i always pay above the minimum anyway.

what became of the the fees the retailers have to pay to the banks for accepting credit cards? And why is there no discount for paying with cash or cheque??

This new bill does absolutely nothing for the average Canadian citizen with credit cards.... It truly is nothing more than a joke. The only people it helps are those who missed paying of their balance by a few days and are now stuck with a interest charge. Another regulation to help the rich! Bravo Mr. Harper, bravo! Make sure you give yourself a good bonus for that one!

Credit cards are the most profitable part of a banks product range. We still have them charging 19%-25% even when the prime interest rate is so low. It needs regulation to force the banks to charge no more than say 5% above prime.
Credit cards are a venus fly trap, you land on them use them and then the trap springs. It would take ages to pay off the balance what with interest and them changing the rules every 5 mins.Bets thing is not to have them in the first place,say no when the bank pushes them down your throat. Only way the banks can claw the cash back lost is to keep charging these insane interest rates.
People are getting caught in the rabbit snares.