We Give You Credit

By Claire Poole Tuesday June 16, 2009
The latest credit card reforms are great for consumers, limiting credit card companies from raising interest rates and charging crazy penalties. Don't relax just yet: Credit card companies need to make up for lost sales. They'll shorten the grace period between when you make a purchase and when interest starts accruing. They might also instigate annual fees or lower your credit limits. Credit cards with no annual fees are going to become increasingly rare. It's time to cut the little suckers up.

Where You Shop Could Impact Your Credit Limit

According to an article in The Atlanta Journal-Constitution, cardholders with stellar payment histories are still at risk of having credit limits slashed. "Along with studying shopping habits, American Express considers which mortgage lender a customer uses and whether the customer owns a home in an area where housing prices are declining." Get the story: Card companies adjusting credit limits.

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