Prepaid Cards, dangerous plastic?

I don't know why anyone would give these instead of money. Money never goes out of style. Sharper Image is already history. Do your gift recipients a favor and don't restrict them to one merchant.

just paid daughters prepaid card off. it was $300. one missed payment and the bill was $631. they sent the mob to jail for charging less.

Congress bold steps to reign unfair card practices, passage of Credit Card Act of 2009. With President Obama signing the bill into law makes another endorsement for world card members. Developing countries, emerging markets where consumers are ripped with ignorance, as consumer is naive. The craze for the youth, students for the plastic money is the highest in developing world for the consumer buying spree, inflation and brand race.
The regulators, consumer groups are expected to look closely the US moves for their policy directions.

There must be some misunderstanding. Review the Act again as prepaid and gift cards did not escape the further scrutiny of Congress.

http://banking.senate.gov/public/_files/051909_CreditCardSummaryFinalPassage.pdf

That said, these products do provide value and benefit to hundreds of thousands of Americans who need a convenient way to shop, budget, pay bills or transfer funds to family members. Think the unbanked, unemployed and teens away at school.

So you take cash from your pocket, GIVE it to these crooks to hold until you spend it... And THEY don't pay you interest? They sit on YOUR cash? Well slap me silly and call me stupid...

The government protections law of 2009 is more government intruding where it does not belong. Here is what it did for me. Since most of the law does not apply to variable rate credit cards, Bank of America as well as others are changing most cards to variable rate cards that start at the same rate as the old fixed rate. Since the prime rate is artificially being held at historic lows, when everything goes back to normal my interest rate will end up higher. I would like to thank Obama for taking away my fixed rate card and for giving me an interest rate hike.

More importantly, most of the rate hikes and fees for late payments hit the lower income population. These people probably already have a marginal credit rating and a variable rate credit card. Who is this law going to help? It will help politicians look good for doing basically nothing. Why does the press not pick up on the facts and call these politicians out on the garbage bill they passed?

The government protections law of 2009 is more government intruding where it does not belong. Here is what it did for me. Since most of the law does not apply to variable rate credit cards, Bank of America as well as others are changing most cards to variable rate cards that start at the same rate as the old fixed rate. Since the prime rate is artificially being held at historic lows, when everything goes back to normal my interest rate will end up higher. I would like to thank Obama for taking away my fixed rate card and for giving me an interest rate hike.

More importantly, most of the rate hikes and fees for late payments hit the lower income population. These people probably already have a marginal credit rating and a variable rate credit card. Who is this law going to help? It will help politicians look good for doing basically nothing. Why does the press not pick up on the facts and call these politicians out on the garbage bill they passed?