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The Credit CARD Act Impacts Consumers Many of us have recently noticed some changes with our credit cards. In an effort to protect consumers, the credit card industry has been forced to change. We saw how credit card cash advances and advance tax refunds brought money problems to many households. Fortunately, some of the changes coming with the CARD Act will help consumers avoid problems that can lead to serious and long term financial trouble. On the other hand, creditors are finding new and creative ways to remain profitable. Overdraft fees At one time or another, most of us have been unfortunate enough to have mismanaged our checking accounts and been charged an overdraft fee. The Credit CARD Act will limit banks' abilities to charge these fees. As of July 2010, consumers will have to opt in to be able to overdraft using their debit cards. Balance transfers Teaser rates for balance transfers are few and far between. While many credit card issuers used to offer extremely low rates for six months to one year on balance transfers, the new rules will make these offers rare. The Act has restricted creditors' abilities to adjust rates on credit card balances. As a result, introductory rates may be lower than the card's standard rate, but they are much higher than the 0% that many of us had become used to seeing. Credit cards for borrowers with bad credit It will be harder for people with low credit scores to apply and be approved for credit cards. In the past, creditors were willing to offer credit cards to borrowers with bad credit. The issuing credit card company would allow higher risk borrowers a card with a low initial credit limit. The interest rate would be higher than a "regular" credit card, and there would be an annual fee charged whether or not there was any activity on the card. Since the Credit CARD Act has attempted to reduce fees paid by consumers, creditors are having a hard time making these higher risk cards available while still being profitable for them. Prepaid cards Many higher risk consumers who are not able to get a credit card will find themselves opting for a prepaid card. These cards require users to make a cash deposit to the card. They are then able to use up to the prepaid balance that is available on the card. New rules will require card issuers to openly disclose all fees to their consumers. On a positive note, the Act will also extend the length of time that cards are good so that inactivity does not force a consumer to lose out on the remaining balance on the card. However, card issuers may impose higher upfront and reload fees to make up for lost profits from expired cards. Since many of the new rules have not yet come into effect, we are still unsure of how consumers will be impacted. But, in a time of such uncertainty, it has become much more important for us to regularly review our credit card and bank statements, as well as those "fine print" disclosures that come in the mail.
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