How the Credit CARD Act Will Affect Types of Credit Cards

8:06 PM

I ran across this article on yahoo and I wanted to share it because I KNOW you chic chicks will appreciate this information. I despise credit cards but I have them and you really can't do anything nowadays without credit. Check it out.

How will the CARD act affect you?

That depends in part on which type of credit card you've got in your wallet. The combined impact of the economic downturn and the restrictions placed on credit card companies by the Credit CARD Act mean card issuers will be changing how they do business in ways that will affect every credit card -- but the impact will vary depending on the type. "I think we'll see a reverting back to the model of the 1980s -- annual fees and higher interest rates," says Dennis Moroney, research director for TowerGroup, a financial services industry research and consulting firm. "But in those days, everything was pretty plain vanilla -- there will be much more creativity now."

One by one for each of 10 types of cards, here's how experts see the CARD Act's impact:

Bad Credit Credit Cards

The CARD Act's crackdown on extremely high fees will severely curtail the ability of issuers to offer so-called "fee harvesting" credit cards -- cards with hefty upfront fees and extremely low credit limits -- geared toward people with bad credit, experts say.

Complete story @ Yahoo

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