Why do you worry about Banks raising late payment fees? Just pay your monthly bill on time and there will be no charge. Have you thought about direct withdrawal from your checking account on the due date? You will never be late than.
Yes they did and they also changed the due date without telling the card holder (changed mine from the 2nd of each month to the 27th of each month?) - oversight or strategy? I have cancelled my account - simply don't need this card.
1st. The CCARDA made credit more expensive. Populism usually leads to the worst laws.
2nd. Credit cards have the right to do this to encourage you to repay unsecured debt. Especially in times when a lot of unsecured debt isn't getting repaid. Hence, the cost of credit goes up. Deal with it.
Don't cry because credit isn't as cheap as it was during the insane leveraged days.