Sneaky Credit Card Company Tricks

October 6, 2010

Credit card companies are supposed to follow new consumer friendly rules these days, but just when you thought the people won a little protection, here come some fancy new tricks.  Look out for funky new ways to nail you for extra fee. Things like:

Weekend charging: The new rules say if a due date falls on a weekend or holiday when the bank is closed, you can pay your bill on the next business day and not be hit with a late fee. But banks are keeping a few branches open on weekends, just so they can charge that fee.

College gotchas: The new rules say that if you’re under 21, you can’t get a credit card unless you have a parent co-sign or can show proof of a job that would allow you to pay your bills. But card companies seem to be looking the other way when classmates act as co-signers.

And there’s much more.  Click here to read the full report on CBS MoneyWatch.