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Eliminates "fee harvester cards." The Act contains a provision that limits the first year annual fee for a credit card to 25% of the credit limit. Credit card issuers are still able to charge certain additional fees, such as "setup fees" or "program fees." The Act also restricts the fees that can be charged for gift cards and other prepaid cards.
The Fair Credit and Charge Card Disclosure Act (abbreviated as the FCCCDA) is an American consumer protection law that requires credit card companies and loan agencies to disclose any "fine print" about a loan or line of credit to the consumer. [1] This includes information about variable interest rates and fees. The FCCCDA was passed in 1988.
The credit card issuer may extend an attractive offer that makes it worth your while to stay, such as waiving the annual fee for a year, lowering your interest rate or issuing bonus rewards.
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub. L. 108–159 (text)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, [1] and signed by President George W. Bush on December 4, 2003, [2] as an amendment to the Fair Credit Reporting Act.
According to a Federal Trade Commission report, annual fees on credit cards have been increasing steadily over the years. The average annual fee in 2020 was $94 per card, according to the FTC report.
Although no annual fee cards save you from an annual charge, be aware of other potential fees, such as: Foreign transaction fees : Some cards charge a fee (typically 2-3%) on international purchases.
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