http://www.lawyersandsettlements.com/blog/5-credit-card-pitfalls-to-look-out-for-now-01760.html America's Premier Online Legal News Source Thu, 09 Feb 2012 12:57:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.lawyersandsettlements.com/blog/5-credit-card-pitfalls-to-look-out-for-now-01760.html/comment-page-1#comment-32016 Pearline R Fri, 26 Feb 2010 09:21:17 +0000 http://www.lawyersandsettlements.com/blog/?p=1760#comment-32016 As a result of the CARD Act reforms that went into effect on February 22, credit card companies are projected to incur $12 billion in annual losses. But we all know that credit card companies are far too imaginative to let this happen. The reforms require the credit card companies to give you 45 days notice before rate increases, and those increases cannot be applied to existing debt unless you miss payments for 60 days. In addition, there have been new restrictions placed on how they can market to college students under 21 years old. This all translates to nothing more than a bump in the road for card companies. Old methods of revenue generation will be replace by new ones in the form of lots of fees. Best bet is to clear your debts and watch your statements for any suspicious changes. As a result of the CARD Act reforms that went into effect on February 22, credit card companies are projected to incur $12 billion in annual losses. But we all know that credit card companies are far too imaginative to let this happen. The reforms require the credit card companies to give you 45 days notice before rate increases, and those increases cannot be applied to existing debt unless you miss payments for 60 days. In addition, there have been new restrictions placed on how they can market to college students under 21 years old. This all translates to nothing more than a bump in the road for card companies. Old methods of revenue generation will be replace by new ones in the form of lots of fees. Best bet is to clear your debts and watch your statements for any suspicious changes.

]]>