Credit Card Companies Have More Tricks in Store
Trick or treat? You can only count on getting the former of those two options from credit card issuers.
This article from Reuters has details about more of the sneaky fees that are expected to go into wider use in the next few months, targeted specifically at customers who pay on time and those who carry little or no balance.
These practices represent just a few of the new ways credit card companies have found to trick and trap consumers. They’re also raising interest rates in anticipation of the Credit CARD Act’s implementation and randomly and suddenly cutting credit limits while they still can. Luckily, consumer advocates and our friends in Congress are working to expedite the provisions of these new consumer protections, but it’s a good idea to pay close attention to your wallet in the meantime.