Over the last year, financial institutions have been looking for additional ways to make money after the laws were put in place to “protect” the American consumer. Congress decided that they were going to fix the problem of credit card companies taking advantage of people who had charged on their personally held and signed up for charge card. Complaints of excessive interest rates, fees and the like from voting citizens made congress act.
Today, people are still carrying the cards. You may even be one of them. BEWARE!! Credit companies are implementing new ways to get money from you and, at the same time, getting around the credit card legislation.
Walletpop.com, this week, has an article that describes some of these new and old fees that are now being put in place or being put back in place. Here are a few of the most absurd ones that you should look out for.
Annual fee. This was common for so many years, depending on the card, but not enforced as consumers complained. It is making a come back now. Let me see, you want me to use your card, pay you interest, pay you late fees when I am just a few minutes late in paying and, all the time, you will take your annual fee upfront? Ummm, no thanks!
Paper statement fees? Really, who get a paper statement anymore? Many people would be the right answer. Junk email, spam, phishing and all the emails from aunt Sue clutter our inbox. You do not want the Amex bill to be lost in there. So, you want a paper statement mailed to you. They can do that. That will be a charge. No kidding!
Reward redemption and recovery fees. That right! All those points you were using can be used on whatever redemption you want. There may now be a charge for that.
Reward recovery fees are one of my favorite. If you are late with your payment, charged a fee and the interest, but now you can “recover” your reward points. Would you like me to add that to your card?
What’s in your wallet?