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Sunday, February 21, 2010

Credit-Card Fees: the New Traps


A new federal credit-card law that takes effect Monday could erase billions of dollars a year in fees and interest charges paid by consumers. But card issuers are already deploying new tactics that could prove costly for even the most cautious cardholder.

Banning these and other profitable tactics is expected to cost the card industry at least $12 billion a year in lost revenue, according to law firm Morrison & Foerster. This has sent the industry scrambling to find new sources of revenue. So get ready for higher annual fees, higher balance-transfer charges, and growing charges for overseas transactions.'

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Posted by DotConnector at 08:55
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1 comment:

  1. Antonia - Beauty Health Finance and Green Issues Editor22 February 2010 at 04:25

    There was a time when I had a credit card (two actually) which was charging me so much interest on a regular basis. I decided that in two months I would pay it off and paid large chunks from my pay at work. Next thing I did was cut up one of the credit cards into little pieces.

    I was a student at time ans worked part-time.
    Sometimes it's hard, especially if you don't have much money and that is how they get you.

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