The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act has unintended results, penalizing responsible good customers and treating them just like the bad ones. Credit card companies have had 9 months to think up new ways to generate the lost revenue that the CARD act has taken away from them. Here are some of the aspects of the new law. Under the new law, lenders are not only prevented from raising rates on a customer's existing balance, they are also required to wait 60 days before raising rates on delinquent customers. But with the new law setting no restrictions on the types of fees issuers can implement, consumers should pay particularly close attention to the "Terms and Conditions" section of their statement so they know exactly what they are being charged for, as in new fee’s and charges, such as inactivity fee’s. In addition, issuers are still allowed under the new law to lower your credit limit without warning for no reason, increase your minimum monthly payments, or charge fees for a zero balance.
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