Private-label credit cards for stores such as Ann Taylor and Victoria's Secret are now implementing a $1 fee if you want your credit card statement mailed to your home as of February 22nd. In order to avoid the fee, lenders want card holders to opt in for online credit card statements.
Lenders claim the new Credit CARD Act of 2009 require a number of new disclosures be included in each card statement and the extra paper is going to cost them. Watch dog groups warn that lenders will keep trying to come up with new and exciting ways to add additional fees to your bill in order to recoup some of the money the new act is causing them to lose.
The purpose of the Credit CARD Act of 2009 is to make lending practices more transparent. Retroactive interest rate hikes and other hidden fees are a thing of the past. Lenders are expected to lose as much as $50 Billion in revenue due to the loss of their old bill padding strategies.
Offline Credit Card Statement Fees Will Hurt The Elderly The Most
Since the fees apply only if you want a physical statement in the mail its expected that the elderly who have not fully embraced all our current technology will be hit the hardest.
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