Despite CARD Act, some issuers still finding ways to overcharge

U.S. credit card holders gained new protections from the recent passage of the CARD Act, more provisions of which will be implemented over the course of the next several years. However, banks and credit card issuers have already begun to find their way around the new rules, according to the Wall Street Journal.

One example given by the Journal comes from J.P. Morgan Chase, which handed out hefty minimum monthly payment hikes on some customers who had run up significant balances under promotional rates. The Journal added that the bank had offered to reduce those payments if the consumers give up the advantageous interest rates.

Emily Winters, who holds a credit card issued by that bank, told the Journal that “they’re finding all these little ways to get you. How does that help us?” Some consumers’ credit card debts have either stayed the same or increased, despite the protections in the CARD Act.

Others, however, have attempted to consolidate their debts and get out from under their sizeable financial obligations, according to financial experts. This has produced a general increase in American consumers’ financial health, but slowed the growth of consumer spending.