Overdraft fees for bankers are like heroin — they know it’s bad for them (particularly in building the trust relationship with customers that they want), but the revenue just feels so good," Carol Coye Benson, a managing partner in the consulting firm Glenbrook Partners LLC, wrote in a November blog post. "The Fed’s new rules are detox.

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In a post titled " New Credit Card Tricks, Traps, and 79.9% APRs " on the Credit Slips blog, Adam Levitin says that "the card industry is at it again, devising new tricks and traps to disguise the cost of its products and avoid price competition."

The card industry is at it again, devising new tricks and traps to disguise the cost of its products and avoid price competition.  Unfortunately, this was exactly what I predicted in the wake of the Credit CARD Act.  I was a vocal supporter of the Credit CARD Act, but I also viewed it as a missed opportunity.  Congress focused on prohibiting particular abusive credit card practices, but left the door wide open for the card industry to put all of its ingenuity to work devising new substitute practices.  Far better if Congress had taken up a regulatory model that permitted card issuers to charge only certain specified types of fees (at whatever level). 
Credit Card Tricks and Traps

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