A report from the Consumer Financial Protection Bureau released yesterday details how the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) has helped reduce the cost of “gotcha” credit card fees by more than $16 billion. "Since the reform law, total costs to consumers have fallen with the elimination of certain back-end pricing practices such as over-limit fees. Over the same period, credit has generally become more available to consumers and the number of new accounts has grown faster than in almost every other major consumer credit market. Concerns remain, however, about other back-end practices such as deferred-interest promotions that can hit consumers with unexpected costs," the CFPB found.
The CFPB also found, however, that "concerns remain about other back-end practices such as deferred-interest promotions."
The CFPB report is here. A good summary is contained in the press release, here.