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Frequent Contributor
Cleanmachine
Posts: 395
Registered: ‎04-30-2008

New fees in the cards from credit companies

Consumers soon could find themselves charged for a lost or second card, for paper statements and even for not using their card enough or for making too many calls to customer service.

 

Some issuers have started charging from $1 to $5 for customer service calls beyond a certain limit per billing cycle, Mr. Hammer said.

 

More cardholders also are being hit with fees ranging from $5 to $15 for not using their cards often enough, sometimes when their accounts are inactive for as little as three months, he said.

 

Card issuers also have been raising traditional fees not subject to federal limits.

 

Cash advance fees, for example, which used to be 1 percent to 2 percent of the transaction, are now as high as 5 percent, he said.

 

So-called default interest rates -- the penalty rates that consumers pay when they are late more than once making payments -- also have been heading higher, with some as high as 30 percent, he said.

 

Card companies have been tightening the screws to make up for the loss in revenue triggered by the Credit Card Accountability, Responsibility and Disclosure Act of 2009.

Provisions of the act, most of which took effect

 

Read more: http://www.post-gazette.com/stories/business/news/new-fees-in-the-cards-from-credit-companies-672537...

Regular Contributor
sengpatt
Posts: 223
Registered: ‎12-08-2012

Re: New fees in the cards from credit companies

"New types of fees that could begin to catch on, he said, include charges for custom card designs and for when customers request an increase in their credit limit."

 

A fee for requesting a CLI? Get ready for some ruckus around here!

 
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Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011

Re: New fees in the cards from credit companies

Anyone who charges me a fee to replace a worn out card can take that card and shove it.
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Valued Contributor
ryanbush
Posts: 1,293
Registered: ‎08-19-2012

Re: New fees in the cards from credit companies


flowfaster wrote:
Anyone who charges me a fee to replace a worn out card can take that card and shove it.

I can't see any prime lenders charging customers for replacement cards, they want working cards in the hands of there customers all the time.... just missing one or two days worth of charges cost them way more than the card

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Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: New fees in the cards from credit companies

The only card i could see there being a charge for a replacement, would be the palladium since the card is actually valuable. Other than that, id rather just close the card than pay for a replacement.
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Established Contributor
shakalaka
Posts: 547
Registered: ‎09-10-2012

Re: New fees in the cards from credit companies


flowfaster wrote:
Anyone who charges me a fee to replace a worn out card can take that card and shove it.

Totally agree. :smileyvery-happy:


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