New Fees Abound With New Credit Card Rules

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In the past, consumers could ask for and get a year-end itemization of purchases made on credit cards for free. That probably won’t be true in the future now that the Credit CARD Act is effective. Credit card issuers are busy adding new fees for almost any kind of activity on the credit card accounts you now hold and on new accounts.

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For example, there will be a fee for getting a year-end charge listing and a fee for paper statements. There will be a fee for making an online payment and a fee for foreign currency exchange transactions made on purchases incurred when travelling outside the country. There will be fees to re-instate suspended reward points and fees to use points in some cases. There will also be fees charged for transferring account balances from one card to another. The kinds and types of account fees are expected to vary widely but all are designed to restore lender revenues lost as a result of limits put in place by the Credit CARD Act.

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Consumer advocate groups are not pleased with the new fees. Some fees can be avoided through responsible behaviour such as making a payment on time. But there are fees that cannot be avoided, like annual fees, as long as the account remains opened. Right now there are only about 20 percent of credit card accounts that have an annual fee but that number is sure to significantly rise.