Another round of rules meant to benefit credit-card holders went into effect in August. The final chapter of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 gives consumers a break on fees and penalties. Card issuers may now charge no more than $25 for a first-time late payment. If you are late a second time within six months, your issuer may charge $35. Pay on time for the next six months, however, and the penalty drops back to $25. An over-limit or late fee may not exceed the amount that you are delinquent. For example, if you are late making a $20 minimum payment, the late fee may not exceed $20.
Inactivity fees are banned, and issuers may impose only one fee per transaction. (For example, an issuer cannot charge a late fee and a returned-payment fee.) Card issuers that have increased rates since January 1, 2009, must review those increases every six months; bank examiners will monitor the process when they do routine bank examinations. At the very least, an issuer must explain why it has imposed a rate hike.
http://www.kiplinger.com/magazine/ar...#ixzz14lPjpW2U
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