New Credit Card LegislationThursday Feb 25, 2010
I recently highlighted the latest in Credit Card Legislation passed by Congress. This is definitely a pro-consumer protection law. But, the credit card companies aren’t going to take it lying down, that’s for sure. They have plans to recoup any profit loss that they may incur from conforming to the new legislation.
First of all, one draw for students to apply for a student credit card was the ‘no annual fee’ aspect. Expect this is disappear in the near future if it hasn’t already. Personally, I think that is a load of bull when the credit card companies will make more off of us from APR and then to charge an annual fee.
Second, remember that scene in ‘Confessions of a Shopaholic’ where the red-headed lead girl (don’t remember her name) chops at a block of ice containing her credit card (also I never saw the movie but saw it in a preview)? Well, that will no longer work. Credit card companies are now going to charge you “inactivity fees” when you decide to not put yourself in some debt. WTF?
If you receive anything in the mail pertaining to your student credit card, be sure to read it carefully. I’m sure there will be more ways to screw students out of money aside from the traditional student loans.
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