Though blasted by the Fed in the last year for deceptive practices, credit card companies jump forward with equally evil tactics. For example, Marketwatch reports that 400 cards from the US’s 12 largest bank issuers still have the same unfair policies which will be outlawed in hopefully less than four months.  Just how much does this  number represent in volume? It actually accounts for 90% of the $89.8 billion in outstanding consumer credit. Some other shocking findings from a recent report prepared by Pew Health Group’s Safe Credit Cards Project are below:

• 90% of bank cards had penalty rate hikes, imposed by what are known as “hair triggers” of one or two late payments in a year. The median bank penalty rate was 28.99%.99.7% of bank cards allowed issuers to boost interest rates on outstanding balances — a jump from 93% in December
• 95% of bank cards are applying payments first to low-rate balances, a practice the Federal Reserve has said will likely cause substantial financial injury to consumers.
• As of July, interest rates spiked an average of 20% across the board from December of 2008 with some issuers jacking up rates 30% and in at least one case 50% — even on their best customers.

Credit card companies blame excess fees on the negative impact the economic climate has had on them. However, most analysts and consumers don’t buy it. Moral of the story: be wary of extra charges and deceptive practices until February, when stringent new laws will be enforced.