It's seems that consumers continue to need protection from a lack of reading "the fine print" or likely just not realizing the truth that NOTHING IS FREE! I'm not talking about you or me specifically.. cuz we're way smarter!
I suppose as a bank person I've always understood you REALLY need to consider what "the fine print" says. Maybe just scanning through the fine print for words like "FEE", "CHARGE", "PENALTY".. you know.. the biggies. But, for those who don't look (scan) over the fine print the FED has provided more consumer protection just for you. NOTE: YOU NEED TO READ THE FINE PRINT!
I suppose the good news here is at least now the issuer must DISCLOSE what will be eating away the balance on the card. Honestly, many of them already did disclose this... Yet, many people have stories of the gift card they got from Aunt Sally that was eaten by that evil card companies fees.. Be informed!
Read the summary at the link below:
You might also consider reviewing all the provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009 summarized on the Federal Reserve Board website.
Just be sure to read the fine print so nobody gets hurt.