Watch Out for These New Credit Card Traps Banks invent ways to circumvent regulations By John Johnson, Newser Staff Posted Jul 31, 2010 4:47 PM CDT 18 comments Comments Certain credit card fees are on the rise. (AP Photo/Jochen Krause, File) (Newser) – As expected, banks are coming up with creative new ways to recoup money lost to new regulations on credit cards. The Wall Street Journal runs down a handful: "Professional" cards: These are being aggressively marketed to, well, professionals. The catch: They're not covered under the new consumer regulations. It's "an easy way around the Card Act," says one industry observer. Raising current fees: The median annual fee on bank credit cards rose 18% to $59 from July 2009 to March of this year. Also on the rise are balance-transfer fees and "inactivity" fees. Time to pay: Consumers are complaining that banks aren't giving them the legally required 21 days (from when the statement is mailed) to make payments. Low-limit cards: They're popular with college students, but look out for all those "processing fees" that come with them. Click here for more warnings, including a red flag on so-called rebate-card offers.