Following the advice of many money experts, quite a lot of people have been using cash as their default spending option over credit cards. With interest rates sky high, who would want to risk incurring additional expenses?
But watch out if your credit card is gathering dust. Some credit card companies have snuck in inactivity fees. Fifth Third Bancorp, for example, snuck in a $19 inactivity fee in June. Bank of America also tried it out with a select number of customers.
Yet another way for credit card companies to cut their losses.
They need that. The Credit Card Accountability, Responsibility and Disclosure Act is the new law that requires credit card companies to provide information on rate heights with ample notice and gives consumers a lot of cushion sudden imposition of fees.
Source: MyBankTracker
