Even though the new credit card reform bill is meant to help consumers, companies are finding new ways to make money. There are many ways they are doing this, and if you carry a credit card you need to be aware of each and every one.

To start, rate hikes are not out of the question. In other words, you may find your interest rate climbing through the ceiling in the months to come. Credit card companies know that doing this can make them a lot of money because most consumers carry over a balance from month to month. Believe it or not, some consumers have found their rate increased to as much as 36 percent. What would that do to your balance?

What about new fees? This is also something that credit card companies are looking into. For instance, Fifth Third Bank is charging an inactivity fee of $19 on accounts that are not used for 12 consecutive months. So if you think you are putting away your credit card to keep safe, you may be wrong.

Some credit card companies are increasing the minimum monthly payment. In many cases this has gone from two percent of the balance to five percent. This translates to a lot of money per month for consumers with high balances.

The only good thing is that your credit card company has to make you aware of these issues in writing. In other words, you will know what is coming before it gets there. If you don’t like what you see, call your credit card company for clarification. And always remember that you have the right to cancel your account or transfer your balance to another card. 

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