Just when you Thought you were Safe: New Credit Card Fees to Annoy you
The new credit regulations and reform laws, which have begun rolling out as of late, are designed to protect the consumer from unfair and deceptive credit card company practices. These new laws will stop such practices as double-cycle billing, over-the-limit fees and super-short billing cycles. However, they may also be the catalyst for new fees.
Yep, new fees. Just when you thought the credit card companies were finally reigned in, along comes a slew of new fees to irritate you, inconvenience you and generally make you mad.
It pays to point out that, although the government has tried their best to thwart deceptive practices by creditors, there will always be loopholes that creditors simply can’t wait to jump through.
Many creditors argue that these new credit card laws will hurt them financially and that they must recoup their losses somehow, while the government continues to make them walk the line. And where are you, the innocent consumer? Caught right in the middle, of course.
So, it pays to mention that, although your creditor will soon have to provide you with plenty of time to pay your bill and a clear, easy-to-read monthly statement (among other things), that they may also decide to throw in some new fees that may leave you scratching your head and wondering if the new credit card legislation simply opened up a whole, new can of worms.
What you may be charged for in the future:
- For checking your balance – Your credit card company may begin charging you for performing small, account maintenance activities, such as checking your balance or requesting a credit limit increase.
- For simply having a card – Annual fees gradually disappeared, especially during the height of the economy a few years ago. However, more and more credit card companies are re-introducing their annual fees.
- For not using your card often enough – Many credit card companies have now begun charging consumers for not using their cards. This fee is often charged to provide the consumer with either an incentive to begin using the card or to simply cancel it.
- For participating in rewards programs – Rewards programs may soon come with their own set of fees and restrictions, so be on the lookout for any changes in your rewards program.
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