According to a BusinessWeek report released Monday, a recent credit card law may be intended to reward the wealthy.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 will mandate that credit card companies standardize monthly billing patterns and give 45 days' notice before raising credit card interest rates, fees or finance charges.  The conventions of this law are increasing competition among credit card issuers.   Credit card companies like American Express Co, rely heavily on reward points to retain and captivate customers with a good credit history.

The Credit Card Accountability, Responsibility and Disclosure Act (CARD)  are leading credit card issuers to place more focus on their wealthier customers.  In turn, this will bring more competition among companies who are focusing on a smaller and more lucrative market.  Jason Arnold, of RBC Capital Markets in San Francisco, said,  ""The CARD Act is leading all issuers to the top of the credit food chain, and more competition is never a good thing in any industry, regardless of the product, but particularly in the relatively homogenized card space.""  On the average, American Express cardholders has a credit score of 754 versus an average 722 score for the remainder of the industry.

Those with a not so ideal credit history may see new or higher membership fees implemented to their existing credit cards.  These fees are designed to offset any lost revenue that may be a result of the CARD Act.  These are typically consumers who are already struggling to apply for credit because of the strict lending standards.  A survey conducted by the Federal Reserve Board, already indicates a drastic reduction in credit limits by some of the major lenders.  A different report from the Federal Reserve also showed an increase interest from consumers to pay off their standing balances.  Revolving consumer credit dropped by thirteen percent in the fourth quarter.