It may be time to shop for new credit cards

EXTRA FOUR TO FIVE MINUTES CONSTRUCTION STILL BLOCKS TWO LEFT LANES

>> IT HAPPENS SO OFTEN, MANY OF US HAVE JUST COME TO EXPECT THAT CREDIT CARD FEES WILL RISE IF YOU'VE HAD THE SAME CARD FOR YEARS, IT MAY BE TIME TO SHOP AROUND >> YOU NEVER THOUGHT CREDIT CARD COMPANIES WOULD DROP FEES, BUT THEY ARE >> WE'RE TREATING THAT AS A 4-WAY STOP FOREIGN TRANSACTION FEES >> RECENTLY SURVEY OF CREDIT CARD COMPANIES FOUND THAT SOME OF THE MORE EXPENSIVE FEES FOR CONSUMERS >> IT CAN ADD TWO TO 3% ON TOP OF EVERY TRANSACTION THAT YOU MAKE

>> Reporter: ARE ALSO THE MOST PROFITABLE FOR CREDIT CARD COMPANIES, BUT THEY'RE BEING DROPPED, AND OTHER CHARGES LIKE INTEREST RATES AND LATE FEES ARE BEING REDUCED BECAUSE OF COMPETITION IN THE CREDIT CARD MARKET >> AND A LOT OF TIMES WHEN ONE OF THE BIG BOYS OF THE CREDIT CARD INDUSTRY MAKES A MOVE TO REDUCE A FEE, IF THAT WORKS WELL FOR THEM, IT'S ONLY A MATTER OF TIME BEFORE ONE OF THE OTHER COMPETITORS DOES THE SAME THING >> THAT'S WHY HE SAYS YOU SHOULD SHOP AROUND FOR CREDIT CARD DEALS THAT ARE GOOD RIGHT NOW AND MIGHT GET EVEN BETTER WE TELL YOU THAT WITHOUT REMINDING CANCELING OLDER CARDS CAN HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE IN SOME CASES, SO TRYING ASKING YOUR CARD CARRIER FOR A LOWER RATE INSTEAD OJUST CLOSING IT