President Obama signed the credit card Reform Bill last
Friday. This was a win for consumers but according to the San Francisco
Chronicle, there are some areas that will still hurt consumers in the coming
year. Among them:
-There could be higher interest rates in the short term to compensate
for the fact that issuers cannot increase them after the law takes effect.
-There could be possibly be an end to no-annual fee cards. There
is a hint that annual fees could be very high for most consumers.
-Until the law takes effect, consumers could lose grace
periods.
-The new says nothing about other fees such as balance
transfer, late fees etc. These kinds of fees could go up.
-Most consumers with low credit scores might not be able to
get credit
-Rewards such as airline miles could disappear.
-Some credit issuers might stop issuing cards.
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