So we all know the credit card protection thing got signed a bit ago. I didn't like it but hey, what can I do. Then I get my mail and I received a notice from Chase. We have two cars with Chase. One is personal and one is for my business. We pay each one off every month just like a responsible buyer does. So, what do I get? A notice on my business account telling me that my interest is going from 6.9% to 18.99% in July. Ok...I could care less because I never pay interest. Then, there is another paragraph. They go on to say that since the new credit card protection bill was signed (or something to that effect), they now need to find "profitability" in a large majority of credit cards. If they cannot find profitability in my credit card, they have the right to cancel my card at any time for any reason.

GREAT is all I have to say. Because I do not carry a balance, my card is subject to be canceled. Does a canceled card go against your credit score? I dread having to find a card last minute to put business charges on. Many of my distributors don't take Amex or checks.

We didn't get this notice for our personal account but then again, my business balance per month is a ton larger a month than our personal is . I'm not sure what the criteria is for getting the notice but it sucks.

anyone else get a warning that their card is most likely going to be canceled if they don't start paying some interest?

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

I also heard that in order for the credit cards to 'make money' because of this new credit card bill, they may start charging interest the day you make a purchase. Instead of giving you 'free' cash for 30 days.....

And yes, I believe if a credit card company cancels your card, it goes against your credit score.

I'm afraid this new bill is going to do more harm than good. They're giving the credit cards companies too much time to make the changes to benefit themselves.

Welcome to the club. We got yet ANOTHER statement yesterday lowering our credit limit and just happens it was chase that did it. This makes 4 CC in the last few months to lower our limit. I can't wait to get these last few paid off , as it stands with them lowering or in your case op closing the account what does it matter to have good credit anyway ?. Use to be the responsible card holder had a heads up and many perks with having good credit and standing now thats all gone there's nothing much left for us.

Blame Chase, not the bill. Credit card companies charge vendors for every charge made against one of their cards. Boo hoo, Chase, my heart bleeds for you.

Dump Chase and tell them why you are leaving.

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If this is going to be a Christian nation that doesn't help the poor, either we have to pretend that Jesus was just as selfish as we are, or we've got to acknowledge that He commanded us to love the poor and serve the needy without condition, and then admit that we just don't want to do it.

- Stephen Colbert.

How absolutely cheesy that any bank would blame their greed and need for cash on the bill that just passed. They've been doing exactly what they did to Sexysmurf long before this bill was ever on the table.

Frankly, I think that we're moving towards a credit card less economy. There's just been too much abuse.

Every time you use your card, the bank gets a percentage of the sale.