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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If your credit is good, or your credit card balance is low, you may soon pay more on every credit card bill. Why? Congress passed a misguided new credit card law, the Credit Card Accountability Responsibility and Disclosure Act of 2009. As a result of it, you may end up paying an annual fee. And you may end up losing your percentage rebates, your cash back, or your rewards program.

The new law arbitrarily limits credit card companies’ ability to increase…

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