Credit Cards: The Good, the Bad, and the Ugly

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The CARD Act takes effect today. Hooray! No more retroactive interest rate increases! Overdraft protection is opt-in! Fees have to be clearly labeled!

But the hills are alive with reports of what credit card companies are doing to make up for this. The New York Times reports that fees on international transactions are likely to go up without anyone telling you. Felix Salmon reports that banks are now pushing reward cards heavily because they have higher interchange fees. The Argus Leader in Sioux Falls (ground zero for credit card companies) reports that subprime cards now carry interest rates of 79.9%. The Washington Post reports that clever new fees are proliferating to make up for the old ones. And of course, as MoJo and a cast of thousands have reported, card companies have been busily raising rates on everyone for months in preparation for the great day.

Bottom line: don’t take your eye off the ball yet. Some of the most egregious abuses are gone, but new ones are bound to spring up. If you have any good stories of your own to tell, leave ’em in comments.

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LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

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