Congress has acted on credit cards! President to follow.

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Congress just passed comprehensive bipartisan legislation that will end the tricks that trap consumers in high cost credit card debt. This new legislation will be implemented sooner than the Federal Reserve Board's final credit card rule released this past December.

The bipartisan 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 that the President will likely sign on Friday.