| Source:
Informa Research Services
(01/20/2011) As
a result of the Credit Card Accountability, Responsibility, and Disclosure Act
(CARD Act), many expected financial institutions to increase fees and eliminate
rewards programs. While some banks did do this, a number did the complete
opposite and actually eliminated fees. Informa Research Services suggests that
consumers check online rate tables to shop for the best credit
card.
The
CARD Act requires issuers to notify cardholders when they plan to increase rates
or fees and how long it will take for the cardholder to pay off their existing
balance. In addition to these, there are also new rules addressing interest
rate increases, fee caps, and changes to billing and payment
procedures.
According
to an article published in American Banker, some experts assert that the reason
behind some
financial institutions eliminating fees is that “it may simply be cheaper for
issuers to drop these fees rather than bring them into compliance.” Whatever
the reason is, consumers should certainly look for the best deal on their credit
card.
Using online
rate tables can make credit card shopping a quick and painless process. These tables allow
users to sort through a variety of credit cards sorting them by introductory
interest rate, standard rate, and annual fee.
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Credit
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Feds
put more teeth in Credit CARD Act
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