A recent article in USA today caught my eye. “Latest
Bank Fee Is For Paying Off Your Credit Card On Time Every Month”.
Apparently some banks are now starting to charge annual fees for inactivity, meaning that if you have a card but you don’t use it you are penalized.
The new fees are being deemed “experimental” for now but they are in response to the upcoming legislation, the Credit CARD Act of 2009, that takes effect in February 2010 that will no longer allow the credit card companies to “arbitrarily” raise your interest rates among other things.
Hey, gotta keep those profits up, right?
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