House passes credit card bill of rights

[w¡n9Nµ7 §£@¥€r 123]

The legislation, dubbed the Credit Card Holders' Bill of Rights, passed by a bipartisan vote of 357-70 following lobbying by President Barack Obama and members of his administration.

The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.

If they become law, the new provisions 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.

Similar legislation is before the Senate, where its prospects appear promising.

...

Payments made by card holders that exceed the minimum monthly level would have to be applied first to the portion of the remaining balance with the highest interest rate, and then to any other balances in descending order.

Consumers would have to be notified 30 days before their accounts are closed.

...

The credit card changes could cost the banking industry more than $10 billion a year in interest payments, according to a study by the law firm Morrison & Foerster.

http://news.yahoo.com/s/ap/20090501/ap_on_...ss_credit_cards

[Ling Ling 22]

This is great news. It's about damn time.

[one...two...tree 2,762]

This is great news. It's about damn time.

I second that. If this means that CC companies will need to be more selective about who they give a CC to, then that's a step forward.

[w¡n9Nµ7 §£@¥€r 123]

This is great news. It's about damn time.

[spookyturtle 9,466]

Poor banks. How will they pay all of those bonuses?

[one...two...tree 2,762]

Poor banks. How will they pay all of those bonuses?

By cutting down their budgets on all those sh!tty commercials.

[Nagishkaw 510]