Block on Trump's Asylum Ban Upheld by Supreme Court
What's wrong with the current credit card bill? Well, for starters, the new credit card rule which went into effect this week could wipe billions of dollars from the revenues of major credit card companies.
Okay, but what's the bad news in that?
Answer: Did you really think that the major credit card companies would go down without a fight?
As discussed in this blog, on Monday, major portions of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) went into effect, amending the Truth in Lending Act and providing some legislative relief to consumers. The CARD Act, shields consumers from some deceptive trade practices employed in the consumer credit industry, particularly by credit card companies.
Of course, credit card companies are balking at the prospect of shelling out billions under this new law.
Here's card companies might do in order to recuperate their losses:
There are probably many things you can do to protect yourself, such as paying your balance on time, for starters. But one of the most important things for consumers to know is that they must be in the know. Consumers should take every effort to read the terms and conditions of their credit card agreement. They should also make sure to read the letters the card companies send in the mail, detailing any change to the credit card services. These notices will tell you when the companies are introducing new fees.
Remember, those notices can be your ticket out of your credit card, if you're not happy with their new fees.