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
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.