New rules go into effect Monday intended to make sure credit card users don't get ripped off by sneaky fees and charges that have long been standard practice in the industry. As a result, customers should be braced for a whole new set of sneaky fees and charges, warns the Wall Street Journal. The law is expected cost credit card companies $12 billion a year, so they're scrambling to find new ways to bring in money.
"Get ready for higher annual fees, higher balance-transfer charges, and growing charges for overseas transactions," writes Robin Sidel. Also expect charges for extras such as paper statements, year-end itemizations, or getting warranties on purchases. And note that the law doesn't prevent companies from raising rates, provided they give 45 days' notice. "There are countless fees that can be introduced and rates can go through the roof," says the founder of a consumer-advocacy group.
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