Word: issuersâ
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...reason the card industry is free to raise prices on existing customers at any time and for any reason is tied to deregulation, which began in banking in the 1970s and effectively eliminated caps both on interest and fees. Thanks to mergers and consolidation, the top six card issuers???Bank of America, JPMorgan Chase, Citigroup, American Express, Capital One and Discover?now float about 75% of all outstanding credit-card debt, according to The Nilson Report. Consolidation allows competitors to be less competitive: from 1995 to 2005 the average late fee soared 162% from $12.83 to $33.64, according to CardTrak.com...
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