Credit Cards: The Good, the Bad, and the Ugly

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The CARD Act takes effect today. Hooray! No more retroactive interest rate increases! Overdraft protection is opt-in! Fees have to be clearly labeled!

But the hills are alive with reports of what credit card companies are doing to make up for this. The New York Times reports that fees on international transactions are likely to go up without anyone telling you. Felix Salmon reports that banks are now pushing reward cards heavily because they have higher interchange fees. The Argus Leader in Sioux Falls (ground zero for credit card companies) reports that subprime cards now carry interest rates of 79.9%. The Washington Post reports that clever new fees are proliferating to make up for the old ones. And of course, as MoJo and a cast of thousands have reported, card companies have been busily raising rates on everyone for months in preparation for the great day.

Bottom line: don’t take your eye off the ball yet. Some of the most egregious abuses are gone, but new ones are bound to spring up. If you have any good stories of your own to tell, leave ’em in comments.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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