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Emily's list: Reduced bank fees edition
Thanks to the Credit Card Act of 2009 and consumer discontent with bank fees, the major banks have been trimming their penalty rates and fees. Interest rates are worse, according to our data, but if you ever pay a credit card bill late or travel abroad, you will find some major relief from these changes.
Here are some of the recent developments the article mentions:
In addition, credit card industry analyst R.K. Hammer came out with his 2010 report that adds up penalty fees for all issuers, and for the first time since he began tracking the fees in 2003, they fell. They were $22.9 billion in 2009, and slipped to $22.5 billion in 2010. (Don't cheer too loudly, though -- they were just $10.7 billion in 2003, so penalty fees have more than doubled in eight years.
As a frequent traveler, I'm really cheered to see issuers are starting to get rid of foreign transaction fees. Previously, Capital One was the only major card issuer with that benefit, which is why I carry one with me whenever I travel internationally. The article adds that in this current financial climate, consumers have the power (especially if they have a good credit score) and should consider negotiating with banks when setting up accounts to get more favorable rates and fees. Have you tried this?
Keep reading for my list of my top 10 favorite posts from the personal finance blogosphere this week.
1. Bargaineering advises which financial documents you should keep, which you should throw away, and which you should shred and destroy.
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