Just when we thought it was safe to use credit cards this year, the start of 2010 saw predictions that more card issuers in the US will be implementing annual fees. At the moment, only 1 in 5 cards have annual fees attached to them. Bank of America and Chase are said to have implemented the move by reintroducing fees as much as $99 per year. Previously this was a highly unpopular move amongst issuers but industry experts say that while consumers are more careful about what they spend now, they are not averse to paying annual fees for a select few credit cards that they currently own.

In other news, cardholders can expect fixed rates being abolished for their cards. Variable rates will take its place and because variable rates depend on high or low prime rates, this can prove to be rather beneficial to cardholders in the long run. Along with interest rates, other credit card fees are set to be on the rise. The CARD Act 2009 does not prohibit or limit fees so cardholders should look out for higher fees when they do a cash advance or other transactions.

New fees will also be introduced and cardholders should watch out for fees that will be incurred if they do not use their credit cards all year. Some card issuers even charged fees as high as $90 if cardholders do not spend a stipulated amount of money.

With all the gloom and doom concerning credit card fees and increase of rates, all is not lost for consumers can look forward to more rewards introduced by card issuers. They should also look at the bright side of things and use their credit cards wisely. And moderately.

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