Posted on January - 15 - 2012
Card Issuers Are Jumping Their Fees Up
The February 2010 deadline is looming for credit card issuers to implement consumer friendly procedures contained in the Obama administration’s new law. In these final months leading up to the implementation, banks are squeezing out their creative juices to design new fees to help make up for projected shortfalls in revenue caused by the new law. Many consumers that have seen their credit card company add one or more of these fees are beginning to shop around. Smart consumers can quickly compare cards that meet their needs by using some of the services that have recently come online.
Examples of new fees introduced by major creditors like Fifth Third Bank, Chase, Wells Fargo and Bank of America are:
Inactivity Fees, if a card is unused for a specified amount of time like 12 months;
Out of Country Purchase Fees,considering traveling to Canada or cruising the Bahamas? Read more…