The CARD Act of 2009 was a bellwether achievement for consumer protection. Credit cards are now fairer and more transparent, and consumers have saved billions of dollars. But despite these gains, credit card issuers can still:
- Employ bait-and-switch tactics by offering rewards that can be cut or yanked for any reason.
- Close accounts or cut lines of credit without notice.
- Charge interest rates without limit—and change them for any reason—on new balances.
- Continue bad practices on business credit cards, which aren’t subject to the new reforms.
- Judge an individual’s risk—and interest rate—not just from credit bureau information, but from personal information such as where you shop and what you buy.