Most all Americans that have credit card debt have seen their rates as well as credit limits reduced close to their balances because the credit card companies are racing the clock to raise them while they have time left to take advantage of good paying customers with many that have never been late on credit card payments. Bank of America & Citi Bank is among the worst. The government has passed new laws preventing such actions by credit card companies when the customers are “NOT” in default. The tentative deadline was in September and now that has been extended to 2010 through the holiday season. Americans will grossly see their rates or limits become affected at the worst time of year for retailers. Retailers as well need to speak out as I have given an example in this video with Citi Bank, the credit card company for Home Depot and the only getting hurt is the customer and Home Depot. These companies are lowering credit limits on balances so that the balance appears to be maxed out to your credit limit. This done on most all of your cards as we are seeing and will affect your credit score drastically and that in itself ought to be the crime. Hurting your credit score by no fault of your own and not be able to correct it without payoff your credit card totally. Never been late on payments and have your score reduced because your limits have been reduced to your balance is the growing problem and also lends itself to the market not growing because consumers will not use those cards do to rates as well as credit limits being reduced. The only way to beat the system is to pay the cards off and most all Americans that have debt cannot due that so you are being taken advantage of with no way but the government to intervene and stop them. This country has not seen the damage in its entirety as of yet do to the abuse of the credit card companies rushing to raise rates and lower limits while they have an extended grace period to do so. In 2010 the damage will already be done so the movement needs to stop them immediately to salvage what is left of the consumer base in this country. Michael E. Nelson

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Quoted rate or qualified rates are not the same as the effective rate. Example for a retail store with swipe transactions. By calculating your effective rate you have a basis for conversation with a credit card processing consultant. An experienced consultant will know roughly what range your effective rate should be with certain information about your business. This helps open or close the door on whether it’s worth exploring changing your credit card processor.

www.businesscreditcardprocessingsecrets.com http You need to know these top 10 Commandments before signing up for or selecting a merchant service account, credit card processing provider by Charles Baratta, Director: Merchant Service Group.