Be On The Look Out for “Other Fees” Under New Credit Card Legislation

The new credit card reform laws will prohibit over-limit fees, double cycle billing, and interest rate hikes when payments are less than 60 days late. But that doesn’t mean you don’t have to watch out for any other fees. To make up for lost revenues, cardholders are likely to see other fees that are not specifically addressed in the credit card legislation.
Possible fees you should be on the look out for include:

• Fees for checking your balance
• Annual fees on credit cards that didn’t charge them previously
• Fees to participate in rewards programs
• Higher interest rates for everyone, regardless of credit scores
• An end to grace periods (interest will be charged immediately after a purchase rather than giving 20 days or so to make the payment before interest is charged)
• No 0% promotional offers