The new credit card offers avoid the 2009 Card act
Most of your credit cards probably had their terms of agreement changed before the 2009 Card Act went into effect. That was a logistical move expected by credit card companies. Now they have a new plan to skirt the law. They are sending out credit card solicitations not covered by the Act.
WSJ:
Until recently professional cards largely had been reserved for small-business owners or corporate executives. But since the Card Act was passed in March 2009, companies have been inundating ordinary consumers with applications. In the first quarter of 2010, issuers mailed out 47 million professional offers, a 256% increase from the same period last year, according to research firm Synovate.
The Card Act’s strictures have squeezed banks’ profits and their ability to operate freely. By moving cardholders out of protected consumer credit cards and into professional cards, banks might recoup some of the revenue they have lost...
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