Wifey got a notice in the mail on her Target credit card several months back that told her that, in spite of her glittering credit score and track record for making her payments, her interest rate was being raised to 19.9%.  Needless to say, she no longer uses this card…though she’s stopped short of canceling the card altogether, due to the fact that canceling credit cards may ding your credit score.

Fortunately, the U.S. Government came to the rescue (insert trumpet fanfare here)!  Seeing how our nation’s idea of having “streamlined” finances is apparently toggling our spending between eight different credit cards (which is what the average U.S. card-carrying citizen has, by the way), the wisdom of drawing up some rules in the sand occurred to some. 

• Increase of Fees. Since the new laws are costing the credit card companies billions, you can expect to see many more fees on your statements. Yay! Pay. Off. Your. Balance.
• Cutting back on rewards. They are particularly interested in cutting them back for customers who don’t carry a balance. Which is one of the only reasons I’ve ever used a card…”For every $100,000 I spend, you’re just going to give me this flashlight-that-I-shake-vehemently-to-charge-up? AMAZING!”
• Merchant Fees being raised. This will in turn be passed on to us as shoppers.
• Statements will come earlier. They now need to be sent 21 days before the due date.
• Over-limit fees. Customers will now have to “opt-in” for over-the-limit spending.
• More difficult to get approved. I think this is probably a good thing.
• Rates will probably increase. Customers who pay late, or don’t pay are likely in for it.
• Minors can’t have cards. Those under 21 will now need a co-signer.
• Same due date. Mandated standard payment dates and times, to keep companies from tripping you up into late charges by moving your due date. Sneaky buggers they are!

Related Stuff:

Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel

American Express: The Unofficial History of the People Who Built the Great Financial Empire

Credit Card Nation: The Consequences of America's Addiction to Credit

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American Express Personalized Gift Card $50

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