One way or another, credit card companies will use whatever means necessary to make up for new restrictions on their fees structure. If they can’t get paid one way, they will easily find another way to make money from what’s in the “best interest of the consumer”. Whatever happened to understanding the premise of a consumer-centric run company? I get the fact that we all need money to stay in business. Many companies get so caught up in the details of keeping a certain revenue stream that they forget about why they exist in the first place. They exist to offer something of value to the consumer. There should be a benefit to both parties.
Credit card companies can still add new fees, revive old ones, close accounts and raise minimum payments. They must give you the 45 days notice required by the CARD Act. But, remember they can still increase interest rates on new purchases. The new law does limit rate increases, but only on existing card balances.
According to ABC News, they polled 1000 people and 43 percent of them experienced:
• Had their account closed. (11 percent)
• Interest rate increases. (27 percent)
• Fee increases. (19 percent)
• Had their credit limit lowered. (13 percent)
• Minimum payment increases. (15 percent)
• Rewards program reductions. (11 percent)
I understand it can be overwhelming to get tiny versions of changes to your credit cards. However, please be sure to take the time to read them. I bet you they’ll be banking on it.