“The fee is legal, but all these fees circumvent the [Card Act’s] goal of clear and straightforward pricing,” Mr. Woolsey says.
The above is from a Wall Street Journal piece talking about new and increased fees that credit card issuers are putting into effect with the passage of the CARD Act last May and going into effect his past February.
The quote above emphasizes the point that this is nothing but feel good legislation that was passed to score political points by those who are, well, too lazy to research and understand the contract with an issuer that they entered into.
Then there’s this little gem by Chi Chi Wu (yeah, that’s her name):
“While the Credit Card Act did make great strides in protecting consumers, it in no way closed all avenues for cardholders to get hit with fees,”
*Gasp!* Credit card companies charging fees to make money? Oh the horror! You would think she would be on the credit card side of things going “You pay! You pay now!”. Yeah, I’m going to hell.
Of course, both sides of the house voted for this thing, included all of the legislators coming out of Michigan. Good job, guys.
