8/15/2009 12:00:00 AM
On August 12, American Express and Discover announced they are going to drop penalty fees for charging over your credit limit. American Express and Discover have decided to be pro-active in this as the new law is set to take effect next year and would force them to do this anyway. You’ve got to give them credit for moving forward early, especially since it was such a money maker. Added Fact: USA Today reports credit card companies are expected to make $3.7 billion from over credit limit fees this year. That’s up 16 percent from last year.
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