Check Your Mailbox for New Credit Card Rules and Fees
Fortunately, I’m holding a zero balance on my store credit cards. So I was curious when I received mail from the World Financial Network National Bank and HSBC. Both mailings were similarly written to alert me about new rules on my credit card accounts.
First up, late fees. According to my statements, late fees can be up to (but not more than) $35.00. This is effective as of October 30, 2010 (so why am I receiving this on November 19th?).
Second, minimum monthly payments will now be no less than $25.00 (effective December 7, 2010).
Thanks, but no thanks. The zero balance club works great for me!