New credit card reform laws are going into effect in February of 2010 to provide more consumer protection. The reform was put in place to deal with what were some abusive practices of interest rate hikes and fees.
You may recall a post from Pete earlier this year in which he talked specifically about the changes the credit card act will bring forth. To name a few, it will include consumer friendly regulations around unfair interest rate hikes, unnecessary fees, fairness in timing of payments and enhanced disclosure of terms.
Pete also asked a very important question in his post: “Could there be unintended consequences?”
Well, already credit card companies are working the system to make sure their profits don’t suffer. In a recent Business Week article, credit card companies are putting some tricks into play and if you are a credit card user, you need to be aware of them.