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August 12, 2009 |
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Discover Card and American Express have announced that they plan to stop charging credit card customers overlimit fees, accordng to AP. This announcement comes on the heels of credit card legislation recently signed by President Obama, under which credit card consumers will soon find it easier to avoid over-limit fees on all cards because banks will have to obtain a consumer's permission to process transactions that would place the account over the credit limit. American Express currently charges most customers a $35 overlimit fee and Discover Card a feed ranging from $15 to $39.
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