The Credit Card Act was supposed to save the consumers from the villains of credit card companies. As with any villain it finds a loop-hole that no one will ever consider. Now, sneaky fees are making its way full circle to trap the consumer with the company and lead to more frustration.
The Act was originated to give its consumers protection. Let’s face it, this is a business and with any business it seeks profitability.
We are sure that you didn’t know:
- You could possibly be charged a “membership fee”. Not a gym membership that you willing sign for, but a membership to use the existing credit card.
- You are targeted to increase your interest rate if you have a low FICO score, have lack of multiple relationships with the company and make late payments.
Although, it may seem unfair… it isn’t. According to the Act, if the business sends you a 45 day notice and you don’t take action then you’re now a “victim”.
You are the best advocate for your financial well-being. It can become frustrating to finally understand and control your debt for elimination then your credit card company sneaks in fees.
The best action is to remain in control.
1. Open all your mail.
2. Stay informed.
3. Dispute any changes.
4. Only purchase what is needed and pay your bill on time.
“Love yourself enough to support yourself.”
Property of SMG, LLC
Reported by Bahiyah Shabazz, MBA
- Credit CARD Act: One Year Later, How’s It Going? (dailyfinance.com)
- One Year after the Credit Card Accountability Act (blogs.forbes.com)
- Credit Card Act Crushes Credit Company Shenanigans (creditscore.net)