USA Today reports that a new study from CreditCards.com suggests that the "number of fees tacked onto credit cards is shrinking ... The 100 cards reviewed for the study had a total of 593 fees, compared with the 613 fees that customers potentially faced last year."
In addition, fewer cards (61 compared to 77 a year ago) are charging foreign transaction fees for purchases made outside the US. And "since last year, 19 cards have stopped charging customers for a paper copy of a past statement, making that the fastest disappearing fee."
In addition, fewer cards (61 compared to 77 a year ago) are charging foreign transaction fees for purchases made outside the US. And "since last year, 19 cards have stopped charging customers for a paper copy of a past statement, making that the fastest disappearing fee."
- KC's View:
-
Let's not shed a tear for credit card companies, which are generally pretty good at charging usurious rates and exploiting consumer weaknesses. The story makes clear that lowering fees is "a way card issuers are fighting to keep and gain customers in an increasingly competitive marketplace." Not to mention respond to unrelentingly lousy press that banks have been getting lately.
