On Monday, the CARD Law of 2009 that was passed last May finally goes into effect, which is supposed to offer lots of protections to Americans that these greedy banks have been throwing at us. Well, at least things the law addressed before banks had time to change some things up before this law went into effect anyway, none of them good. It’s going to be a dicey road, that’s for sure.

What do we have to look forward to? One, there will probably be very few 0% interest rate offers anymore. That’s because one trick banks used to do was to get you into that interest rate, then raise it after six months to the rate that your other balances were at if you hadn’t paid it off, or jacked everything up if you were even one day past payment or if you had gone over your credit limit. Since they can no longer do that, they have no incentive to give you that introduction anymore.

Something else you can start expecting are more bank fees, and they’re probably going to be higher than they used to be. I don’t actually have a problem with that, since it’s better than floating interest rates, and at least you know what you’re paying for the right to use a card. I do have a problem with some of the ways they’re going to have fees. For all you people who have been used to paying your credit card balances off every time you got the bill, there will now be a fee for that, since they can’t make any money off you from interest.

Oh yeah, interest rates will be going up for new card requestors. I doubt you’ll see 4.9% interest rate cards anymore because banks need to make money from things since they can’t do some sneaky stuff anymore like just closing your account or raising your interest rates without really informing you that they’re doing it.

It’s definitely about to turn into a ‘buyer beware’ game when it comes to credit cards. Make sure you read everything before you apply, then obtain, a new card, and if your credit card bill shows up and is a little thicker than the previous time, check it to make sure there’s nothing new you’re being hit with as well.

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