Credit Card Bill of Rights Coming?
There have been whispers and statements in some circles, now it seems a Credit Card Bill of Rights will truly become a reality soon.
In short the Credit Card Bill of Rights will seek to protect consumers from predatory practices, with the main objectives being:
- To make it harder for banks to raise rates on their credit cards.
- To mandate that terms and conditions be visible and in plain language.
We’ll be watching this one closely!
Credit Card Bill Approved By House
The House today approved (by a vote of 357-70) a credit card bill that would curb what supporters described as predatory credit card practices and eliminate spikes in credit card interest rates.
If it becomes law, the bill won’t take effect for a year, except for a requirement that customers get 45 days’ notice before their interest rates are increased. That would take effect in 90 days. Among other things, the credit card bill seeks to ban what’s known as “double-cycle billing” as well as retroactive rate hikes. The measure would also require credit card firms to give consumers a 45-day warning before they raise interest rates.
President Obama has indicated that he will be signing the credit card bill.