The credit card industry has seen some monumental reforms that began to take effect last summer. But they have had some unintended consequences that include higher card fees, increasing interest rates and a far less credit being available. Most importantly, however, the law has succeeded in preventing the banks as well as the credit card companies from using the good old dirty tricks to extract that extra bit of money out of the customers. These tricks included mailing bills with quick pay by dates increasing chances of late fees. The truth, though, is that credit card companies are very good at extracting money out of customers and in spite of all the new rules, they have once again managed to come up with some more dirty tricks to ban the older ones.
It is obvious that credit card companies and banks have been able to move way faster than the federal regulators and if they are stopped from making money in one way they will adapt and adjust quickly to find another way of making money. This has been aptly reflected in the comment of JP Morgan Chase CEO who said that if a restaurant is stopped from charging on the soda, it will start charging on the burger and over time the extra bit is priced in the business. However, as a customer of a credit card company one must be highly aware of the shifting policies, new fees and the changing landscape.
You should be prepared to stop doing business with one credit card and pick up another with better and more favorable policies as credit card companies do not change policies that are in your favor. It is not easy as a walk in the park but if you don't stay on top of the game you might be imposed a few surprise charges which you weren't aware of and there isn't much you can complain about.
Some of these new tricks include simple and straightforward increases in the fees and rates. Foreign transaction fees, cash advance, balance transfers and annual fees have risen in double digit figures with transaction fees increasing by 50 percent. However, even as the charges could be annoying they are easy to identify. The sneaky fees are aggravating in a more dangerous fashion such as the inactivity fees which means you can be charged for not buying stuff on the card which seems a bit crazy, but has been banned.