Credit card issuers are getting around new consumer protection laws

Some of you may remember that a while back and other ways to make up for the revenue they are loosing because of the CARD act that protects consumers from outrageous fees. They are doing it.

The on-line trade publications are now warning cards holders of the latest push from the issuers. Commercial Credit Cards, also known as “professional credit cards” are being promoted to just about anyone. The lure, apparently, is that card holders will be excited about the fact that they are eligible for a commercial credit card.

Here is the problem. These commercial cards are not covered by the CARD Act. That gives banks the ability to carry on with their inflated fees just like they did before the law went into full force last month.

These promotions, mostly via direct mail, will have the usual attractive teaser rates. They’ll offer several months of zero or near zero interest rates.

Don’t be deceived. If they are promoting business credit cards or professional credit cards or commercial credit cards, what they are actually promoting is credit cards that do not fall into the realm of consumer protection laws. Avoid these cards.