Banks and Card Issuers Find Clever Ways Around CARD Act Rules

Consumers should have seen it coming a mile away. In May, Congress passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, which included lots of new rules designed to protect consumers from predatory practices by banks and credit card companies, such as hidden fees and sky-high interest rates. The new rules, which go into full effect on Feb. 22, threaten to take a big bite out of the $15 billion in penalties and fees that the industry collects each year.

So what have banks and card issuers done? They've come up with new fees.