Credit card companies could be adding fees to make up for those lost due to Card Act of 2009

PHOENIX - Have you noticed the due date on your credit card payment has changed, or the fees for using your card are even more expensive?

Well, according to cardratings.com the credit card industry will lose about 10 billion dollars this year. As a result of the card act of 2009, a law that is supposed to protect you from excessive charges by the credit card companies.

So how are the companies going to make up that lost revenue? You may want to look in the mirror.
Dean Wegner, Consumer Financial Specialist reveals four ways you may feel the pinch.

1: "Professional cards"

These used to be called business credit cards. Credit card companies are "re-branding" business credit cards and going with the new term "Professional Cards". These cards are the same exact thing, they just want to reach a wider audience. One main reason is that in 2009 the CARD act passed by Congress does not regulate the fees and rates on Business or Professional Cards so Credit Card companies are pushing these - in fact advertising for these are up 256 percent! The application for these have also seen a drop on the emphasis of being a "Business" hence the change to Professional Card. 

2: Increased Minimum Payments

You could be seeing card companies purposely raising your minimum payment. Credit Card companies are going to some nasty levels to incur revenues and are playing some games. One thing you may notice is a sudden slash in your limit, followed by a whooping minimum payment. In America 72 percent are living paycheck to paycheck so typically this new large bill will trigger you to default and they can raise rates and fees. Check you statements regularly and keep extra money in your savings to preserve your credit should this happen to you. Also watch out for fees on foreign transactions as rates on these have skyrocketed as well.

3: Automatic payment protection insurance

Some credit card applications are now written with an automatic "opt-in" for payment protection insurance. This is an expensive add-on. In the past this was a post card upgrade, but now they have included it at inception. Read your first statement closely and see if any "un-approved" features have been added to your billing. 

4: Pre-paid Debit Cards

Pre-Paid Debit Cards have hit the national spot-light recently with a famous celebrity in the hot-seat. The Kim Kardashian Kard was targeted as the "Worst credit card in history" due to the large fees associated with using the card. Pre-paid debit cards are outside of the 2009 CARD Act regulation and as a result they are finding new ways to market, including celebrity endorsements. These cards are targeted to the "un-banked" a term for the 8 percent of Americans with no banking account. Pre-Paid debit cards help people purchase items and maintain accounts on the Internet. A much better option is the Wal-Mart Money Card (pre-paid debit). It has a $3.00 a month fee versus the $7.95 the Kardashian card charges.