New Credit Card Fees
Updated: Friday, August 2 2013, 09:17 PM EDT
Credit card holders could soon be paying higher fees, if the newly-formed Consumer Financial Protection Bureau gets its way.
Dori Marlin reports, The Bottom Line is that the agency wants to relax a current cap on card fees. That means card holders would pay more, so the banks could make more money.
Card issuers wouldn't be able to charge more than 25% of someone's credit limit in the first year of their account, but under the new proposal there would be no limit on application fees, annual fees, or up-front charges.
The CFPB is accepting public comment on the proposal until June, before it can get approved.