Banks To Suffer Due To New CARD Act (JPM, C)

Banks and credit card companies are busy anticipating the impact of new CARD Act on their bottom-line. JPMorgan Chase (NYSE: JPM) said that it expects its credit card business to lose $750 million due to the new act. Citigroup (C ) has estimated its losses to be in the range of $400 and $600 million. The credit card industry is likely to lose $5.5 billion in revenue this year.

The new act will severely limit the issuer’s ability to raise a cardholder’s annual percentage rate. In order to recoup some of the losses, the credit card companies have introduced a variety of new fees.

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