New rules for credit card companies
After months of talk, new rules are now in effect for credit card companies. They’re supposed to end some of the most deceptive tactics and outlaw unfair fees and huge interest rate hikes. Credit card companies will no longer be allowed to increase rates on existing balances unless you’re 60 days overdue.
They must give you 45 days notice if they’re going to institute an annual fee or raise your interest rate. Also, if you’re under 21, getting a credit card will get much tougher. Despite these new rules the credit card companies are finding new ways to make money. Some of you may see new annual fees, inactivity fees and increased late fees.