NYT: Credit Unions less likely to charge extra credit card fees

Wondering how the Credit Card Accountability, Responsibility and Disclosure Act – signed into law last month – will affect your American 1 Visa card?

Hardly at all.

That’s in line with what the New York Times found in its own study. The newspaper found that the outrageous fees banks charge on their credit cards, the same fees that the new act combats, aren’t an issue with credit union-issued credit cards:

Credit union cards demonstrate that punishing fees are not an essential ingredient of profitable lending. This should help assuage fears that the credit card act will bring disaster for credit cards. Rather, it should nudge them toward the gentler credit union model that many Americans already enjoy.

As we update our disclosures and Visa card brochures, we’ve already noticed that little will have to be changed on American 1’s end. That’s good for us and good for you, and that’s just the way we like it.

Head to our Operation: Your Best Interest site to learn more about deceptive big bank credit card practices.

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