Congress and the President acted on credit card reform. Victory!

Fed's Final Rule on Credit Cards

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Congratulations to Mathew Gauvin Winner of the 1st Annual Consumers Union Dangers of Debt Cartoon Contest!
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Congress just passed comprehensive bipartisan legislation that will end the tricks that trap consumers in high cost credit card debt.

The credit card legislation will create the following consumer protections:

• Moves up the Fed’s effective date
  
• Restricts all interest rate increases during the first year
  
• Restricts interest rate increases on existing balances
  
• Increases notice for rate increase on future purchases
  
• Preserves the ability to pay off on the old terms
  
• Places limits on fees and penalty interest
  
• Requires fair application of payments
  
• Provides sensible due dates and time to pay
  
• Protects young consumers
  
• Restricts issuance fees on fee harvester cards
  
• Requires enhanced disclosures
  
• Establishes gift card protections

Click here to read a summary of the Credit Card Legislation.