The Card Act of 2009 ordered banks to review credit card customers’ files to determine if their interest rates should be lowered. Although some banks have lowered fees for some consumers, they have added fees to others, such as Bank of America’s $59 annual fees to customers who are least likely to be able to get another card from a different issuer.
There’s also some indications that customers are getting their rates lowered, but only by a percentage point or two, but they’re more than likely going to people who don’t generally carry a balance without really helping any of the Americans struggling to pay their bills.
On DailyFinance.com, Curtis Arnold, founder of Cardratings.com, says banks aren’t playing fair. “It’s a catch-22. You can’t rebuild credit if no one will give you credit, and that catch-22 is stronger than it’s ever been. Honestly, my interpretation is the banks still hold all the cards.”