3 Ways Credit Card Issuers Can Still Screw You

Most of the new rules in the Credit CARD Act have gone into effect. While many of these rules will stop some abusive credit card practices, and hopefully protect consumers, there is still plenty that issuers can do. This is because the Credit CARD Act doesn't cap fees and interest rates. So, here are three things to watch for in terms of amendments to your credit card agreement:

1. New Fees

In order to keep making money off of you, credit card issuers are considering the implementation of new fees. Some of these fees include statement fees and inactivity fees. That's right, if you keep a credit card for emergency purposes, but don't use it much, you can get hit with a fee because you are responsible. Also, some credit card issuers are introducing statement fees and other fees. And be on the lookout for the return of the annual fee.

2. New interest rate protocol

Many card issuers are amending the way they set interest rates. The old way called for them to pick a recurring day (such as the last day of the billing cycle or the first day of a new quarter) and set the interest rate based on the market rate that day. Now, though, credit card issuers are toying with the idea of setting the rate based on the highest rate seen in the last 90 days. This means a few less dollars in your pocket if you carry a balance. And, of course, there is no cap on interest rates that credit card issuers can charge.

3. International transaction fees

Until now, if you carried out business in the same currency, credit card issuers normally wouldn't charge an international transaction fee, even if you bought across borders. Now, though, some cards are charging based on geography, instead of currency. So, you could be charged a fee for items bought in another country -- even if U.S. dollars are used and no currency exchange take place. This means that some card issuers will double up. They'll charge you a fee for the international transaction and an exchange fee if a currency conversion takes place.

Make sure you read the fine print, and watch for information from your credit card issuers to see what new tricks are in store.