Bank of America recently announced that it will impose annual fees on some of its cardholders. This is in response to the CARD Act (Credit Card Accountability Responsibility and Disclosure Act of 2009), which effectively shifts costs to responsible people from irresponsible people, forcing banks to increase charges to responsible credit card holders.
The CARD Act has also wiped out many cash-back and rewards programs and rebates on credit cards, something earlier chronicled here. Despite that fact, its passage was trumpeted by President Obama…
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