Tuesday, March 31, 2009

Bill Could Limit Credit Card Fees, Interest Rates


video from Fox 4 News- Kansas City

The Credit Cardholders’ Bill of Rights:
  • Protects cardholders against arbitrary interest rate increases - credit card companies must give cardholders a 45-day notice of any increase.
  • Prevents cardholders who pay on time from being unfairly penalized
  • Protects cardholders from due date gimmicks
  • Shields cardholders from misleading terms
  • Empowers cardholders to set limits on their credit
  • Requires card companies to fairly credit and allocate payments
  • Prohibits card companies from imposing excessive fees on cardholders
  • Prevents card companies from giving subprime credit cards to people who can’t afford them
  • Requires Congress to provide better oversight of the credit card industry
  • Contains NO rate caps, fee setting, or price controls


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    Posted by Prince of Thrift at 3/31/2009 01:48:00 PM
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