Friday, October 30, 2009

3 New Fees From Credit Card Companies Punishing Their Best Customers

/PRNewswire/ -- Financial blog, released an article discussing three of the new credit card fees that some credit card companies are implementing. Due to the new regulations coming into effect in early 2010, the credit card companies are looking for new ways to replace some revenue that will likely be lost. If you pay all your bills on time or never use your card, they might be coming after you!

A few of the fees that have been talked about so far are...

1. Annual fees for customers who never have had a late payment. Apparently, some are charging a $29-$99 annual fee for customers WITHOUT any late payments in a 12-month period.

2. Fees for customers who have never carried a balance on their card.

3. Fees for not using the card enough each year. Some card companies are requiring $2400 to be spent annually. If the minimum isn't met, they will charge a fee.

The discussion becomes interesting when you consider that many people keep their credit cards open, solely to maintain a high credit score. It is common knowledge that keeping long-running accounts open is beneficial for credit scoring. Now it looks like some customers may have to pay annual fees just to maintain the highest possible credit score.

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