Released: May 25, 2007

Credit cards still charging high fees

Source: Michael Finney, KGO-TV

A credit card survey by Consumer Action out is warning credit card holders are still being hit with big fees, penalties and unexpected rate changes, in spite of increasing scrutiny of these practices. And we found it’s hitting people where it hurts.

Teresa Marovich of Palo Alto opened her credit card statement in april to find her interest rate had suddenly doubled from 4-point-99, to nine percent.

Teresa Marovich, Palo Alto: “I hadn’t skipped a payment. I said what the heck where did this come from?”

And yesterday 7 On Your Side got an email from an Oakland woman who said she paid $178 dollars in fees just to open up a credit card. They gave her a credit line of $250 dollars, and that left her $72 dollars of available credit.

The new Consumer Action survey says these fees are more and more common.

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