Watch Out for New Credit Card Fees!

Consumers, beware of new and increased fees on your credit cards and checking accounts.

The enactment of the Credit Card Act of 2009 next month, brings good news and doles out bad news.

On the plus side, credit card companies can not increase your rate if you pay your balance within 60 days. However, this means lost revenue for the cc companies. Fighting back, they are creating NEW fees. These can include an annual fee if you never paid one, or increased annual fees, or a $1.00 charge each time they mail you a paper statement.

There's more! Our advice:
1- Be sure to read ALL those messages on the next statement and all the fine print if your credit card company sends any correspondence. In other words, it's time to do some refresher homework.
2- For comparison shopping, check with www.bankrate.com.

Click here to read more and view the video on Good Morning America!