Credit Cards Increase Fees, Satisfaction Drops
Filed Under (Credit Cards Blog) by creditblogger on 07-09-2009
It was inevitable. With all the rules that the government is putting in place, it was only a matter of time before credit card companies increased fees and introduced new fees to keep their businesses viable. First it was the interest rates that went up. And we are not talking about interest rates being increased only for those with a bad credit history. Even those with a great credit history have had their APR raised by their issuers.
Interest fees seem to be the first step in the process. Many experts claim that the next step in the process is the introduction of annual fees for most credit cards. With more regulations going into effect next year, it’s only a matter of time before things get even more tough for credit card owners.
The latest moves by credit card companies have certainly had a negative effect on consumers. According to surveys, satisfaction rate and consumer confidence have dropped significantly in the past few months. Let’s not forget that credit card companies have increased all kinds of fees, so if you happen to miss a payment or are late for one, you are going to see a large increase in your fees. Read the rest of this entry »
