Courtesy of SqueakyMarmot (via Flickr)
Banks and credit card issuers are still trying to make some quick cash before the Credit Card Consumer Protection bill becomes law in February. And this time even the most responsible card holders may feel it. Why? If you’re paying your bill on time and never have any late fees, they’re not making enough money off of you. Fees are another way to make up the difference.
In fact, some card issuers have already started charging annual fees just for carrying a balance or account inactivity. This means making the minimum payment or putting your card away for a rainy day just might cost you. Others may begin collecting similar fees soon. Even Bank of America, who recently said they’d freeze interest rate hikes, will be “testing” out new annual fees on some lucky card holders next year. Make sure you don’t get dinged for trying to stay out of debt.
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[...] you’ve been following the Credit Card Protection Act along with us than you’re already aware of some of the pros and cons. While it won’t [...]