Daily Outrage: Credit card issuers maneuver around new law with tricky tactics 

WHAT: As the credit card reform law goes into effect, some of the biggest U.S. card issuers — including Citigroup, Chase and Discover — are skirting the new rules by creating imaginative new fees designed to recapture some of their lost income.

SHADY TACTICS: Beware of big-discount rebate offers that can be revoked suddenly and leave cardholders stuck with high charges. So-called “professional cards,” a hybrid of corporate consumer cards, are exempt from the new regulations.

WHY IT’S OUTRAGEOUS: Some banks are pushing the envelope so far that they might even be violating the law outright, according to a coalition of major consumer groups that filed a complaint with the U.S. comptroller of the currency.

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Staff Report

Staff Report

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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