At the beginning of the year, consumer reporters were abuzz about a credit card from First Premier Bank that had an interest rate of 79.99%.  This card was being offered as a replacement for a subprime card that had a credit limit of $250, with minimum first year fees of $256.  All of this news took place against the backdrop of the Credit Card Accountability, Responsibility and Disclosure Act, which placed many limits on the credit card industry.

While the new law will likely reduce many of the abuses that took place in the credit card industry, the impact of the new law will hit you.  If you currently have a credit card of any type, you’ve probably received notices about changes to your account.  Read those notices carefully.  Your fees and interest rates have changed.  Contrary to what may seem “fair,” the new law does not provide for a maximum interest rate.  You’ll probably be hit with an annual fee.  While the law does require statements to include “plain language in plain sight,” you still need to take the time to read it, or you might get a surprise.  As always, the best course of action is to pay off your balances every month.