annual fee

Recently, the congress passed a misguided credit card law, the Credit Card Accountability Responsibility and Disclosure Act of 2009, which makes you pay more on every credit card bill, even if your credit is good, or your credit card balance is low.

You may end up paying an annual fee, losing your percentage rebates, your cash back, or your rewards program.

The new law puts a limit to the credit card companies’ ability to increase rates on credit card balances, even if a cardholder’s balance has been rapidly increasing.

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Tagged as: annual fee, balance, Banks, congress, Credit Card Accountability Responsibility and Disclosure Act, credit card balance, credit card bill, credit card companies, credit card law, good credit, interest rate, lender, low, percentage rebates, rewards program

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