New Rules Limit Some Credit Card Fees, But Banks Create Others

The new year is bringing new credit card rules, and when the Credit Card Act of 2009 goes into effect next month, it will place greater limitations on card issuers.

Among the limitations: banks won't be allowed to raise interest rates on balances that aren't 60 days late, and they'll be required to provide more disclosure to their customers.

While consumers may cheer, they should be aware that credit card companies have been preparing for the changes, and have implemented new policies and fees to recoup the potential losses of revenue.

Some banks and credit card issuers have even begun to charge fees for what used to be free services, and a survey by the nonprofit Pew Charitable Trusts found that interest rates have risen by about 23 percent since June 2009.

Mellody Hobson, "GMA" finance contributor and president of Ariel Investments, stopped by the "Good Morning America" Times Square studio to discuss how the new rules will affect card-holders.

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