“…This study adds to the debate on the costs and benefits of the CARD Act (Bar-Gill and Bubb, 2012;Jambulapati and Stavins, 2014;Agarwal et al, 2015;Debbaut, Ghent, and Kudlyak, 2016;Pinheiro and Ronen, 2016;Han et al, 2018;Elliehausen and Hannon, 2018;Dou, Li, and Ronen, 2019;Nelson, 2020). Bar-Gill and Bubb (2012) and Agarwal et al (2015) find that the act effectively reduced late and over-limit fees.…”