New rules, new traps for credit cards
NEW YORK (CNNMoney.com) — If you haven't heard, big changes are here for the credit card industry. On Monday the CARD act goes into effect and consumers finally get some relief from such practices as “double-cycle billing” and arbitrary rate increases.
The new act, which was signed into law last May, promises consumers more transparency about their credit card bill. But cardholders still need to watch out for a whole new series of traps and tricks.
Higher fees: For starters, consumers could suddenly find themselves socked with a variety of new fees and charges.
via New rules, new traps for credit cards – Feb. 17, 2010.
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