PURCHASE, N.Y. ( TheStreet) -- The credit card business has taken some blows during the past two years. As spending evaporated and consumers paid down debt, or simply defaulted on outstanding balances, industry profits disappeared and now new regulations are crimping the industry's ability to jack up fees and alter terms of credit card agreements.The Credit Card Accountability, Responsibility and Disclosure (CARD) Act that took effect on Feb. 22 bars companies from boosting interest rates on new accounts until a year after it's opened. After that, higher interest rates can only be imposed on new charges and payments that exceed minimums must be applied to balances with the highest rates.
Visa Can't Match MasterCard on Value
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