Suggestion: Keep an eye on what your credit card issuers are doing with your service agreements

President Obama signed the Credit Card Accountability Responsibility and Disclosure Act of 2009 into law on May.22.09. This law amended the 1968 Truth in Lending Act and places some limits on how credit card issuers can behave.

Consumer finance companies do not like to be told what they cannot do to get maximum profits off of their customers. You can bet that their relentless motivation to keep getting profits off of customers will lead to plenty of infuriating "gotchas" for credit card customers over the next several months.

Although the credit card companies will (maybe even moreso than usual under these circumstances) avoid making it easy for you to understand the terms of your agreement with them do your best to understand the letters and disclosures that you get from them. It's pretty much a given that they're going to throw some really unfair terms at you... but they're supposed to at least tell you when they're doing that to you so it doesn't surprise you.

Resources:
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre05.shtm
http://www.creditcardreform.org

In a nutshell, expect your interest rates to increase while your perks and rewards decrease. While I can't speak for all institutions I know some specifically work towards "customer friendly" and "easily understandable" terms and agreements. However, if you have any questions please don't hesitate to contact your institution.

And the bottom line (which I see most consumers neglect daily) is that if you're placing your John Hancock on something at least read what you're contractually agreeing to. It is not fun to be caught with your pants down ... and you will be caught at the most inconvenient time possible.

Additional resource:
http://www.helpwithmybank.gov/faqs/credit_cards.html

Oh by the way... many credit card companies use the data from your past credit card purchases to decide what kind of terms they're going to put on you. Be careful what data you provide to them.   Like sister brnepanther said ^ don't be caught with your pants down trying to buy sexual favors with your credit card  

Thank you for the information. 

More from Wall Street Journal Personal Finance...
http://online.wsj.com/article/SB10001424052748703438404574597860806674746.html

Very informative post..Thanks!! Some people actually not aware of the hidden fees until it's too late!! Really the best solutiion is AVOID CREDIT CARDS altogether...My opinion!!