No. of Recommendations: 2
More rules clamping down on abusive credit card practices are on their way. But even when the final phase of the CARD Act is in place this August, credit card issuers will still be able to blindside customers with unexpected fees. The CARD Act, signed into law last year, aims to protect consumers by limiting fees, preventing over-the-top interest rate hikes and improving disclosure.

Rules that have already been rolled out require credit card companies to give customers at least 21 days to pay their bills and to provide a 45-day notice of major changes. In addition, credit card companies can no longer automatically apply fees to card holders who exceed their credit limit, and issuers can't raise interest rates on existing balances unless a payment is 60 days late.

Beginning Aug. 22, your credit card company won't be able to charge you inactivity fees or excessive late fees, and it will only be allowed to charge you one penalty fee at a time.

That's the good news.

But banks will still be able to get around many of these rules.

Who especially likes the part where the spokesperson from the American Bankers Association says that banks want to do what's best for their customers...
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