Gotta keep up those profits?..
The credit card companies have been worried sick about keeping up their profits in the wake of the CARD act which has curtailed the most egregious fees that they could charge.
But the credit card companies are now rolling out a whole host of new fees designed to replace the lost profits caused by that pesky new bill, some may be skirting the new law and some may be violating it outright.
It?s a case of the ever more complex fees to make up for the ever more complex laws.
The CARD act is expected to reduce profits by about $390 million a year in fee revenue alone.
So the median annual fees are going up and cash advance and balance-transfer fees are following suit.
And they are increasing the marketing on ?professional cards?, which are similar to corporate cards except by some slip of the hand, they have escaped being covered by the new law.
Read about ?The New Credit Card Tricks?.