Pew study confirms unfair credit card practices intensify

Credit cards
Credit cards

Pew Charitable Trust confirmed what most of us consumers already know: credit card issuers continue to implement their most harmful practices, rushing to beat the deadline of the CARD Act.

The Pew Charitable Trust released "Still Waiting: 'Unfair or Deceptive' Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect," which examines almost 400 credit cards advertisements by banks and credit unions offered in July 2009 and December 2008. The study found that 100% of the credit card companies continue practices that will be outlawed by the CARD Act. The lowest advertised interest rates have increased by more than 20% in the past year. None of the 12 largest banks currently issue cards that would meet the requirements of the CARD Act.