Credit Card Check Up!

I’m afraid to get my next credit card bill. It will include spending from our vacation, as well as Back to School Shopping. I’ll be looking at it to confirm all the charges are legit (you should always review your statements carefully)…and when I’m done, I’m going to make sure to read all the fine print.  If you have a credit card issued by Bank of America, Citi, Wells Fargo, US Bank, to name a few – you should too.  Chances are the fine print – your terms and fees – have been changed.   Why? Well, Congress passed the CARD Act that includes long sought after reforms to protect consumers from unfair credit card practices. However, since most protections will not go into effect until February 2010, the card companies are implementing new fees and rates while they still can.  Consumer Action just released their wonderful annual credit card survey and focused this year on practices that will be restricted when the Credit CARD Act takes full effect.  Consumer Action’s survey reports that “nearly all surveyed issuers have at least one practice that will be prohibited or limited by the new law, including anytime any reason changes in terms, payment allocation, early payment cut-off times on the due date, penalty rates and penalty fees, and universal default.”  If you do not have time to read the Consumer Action survey, Consumers Union does a good job and includes a chart listing some credit card fee increases here.  Bottom line:  read your statement carefully, pay on time and if you have a problem with the new rate or fees – call your credit card company. You may be able to negotiate better terms, too, according to this article in Smart Money magazine.