There are new credit card laws supposedly to protect the consumer from the credit cards. You know all the things you’re supposed to do in order to manage your finances. Dealing with high interest rates is not one of them. Therefore, you want to keep your balances on your credit cards low, and use them for convenience.
However, Bank of America and Citi has announced that in 2010 they will charge you a fee even if you pay off your balance each month. Why? The new credit card law is making it harder for the credit cards to jack up interest rates or minimum balances due. So, they’re scrounging around for new ways to raise income.
What this ultimately leads to is that those who are paying their bills on time and doing everything right end up paying more. It’s hardly fair to punish good behavior.
