Some of those pro-consumer credit card rules that we reported on have already disappeared. That’s because our post was based on the preliminary report, but by the final version, three got chucked. Here’s the final tally:
1) Overlimit fees due to account holds
2) Deceptive advertising using multiple APRs or credit limits
3) Problems about automatic overdraft programs on checking accounts
1) Raising APRs, especially on existing balances, restricted
2) Payments applied either to highest APR balance, or divided evenly among the balances
3) Bills must be sent at least 21 days before they’re due, unless delivered electronically
4) Double-cycle billing is dead
5) Subprime credit cards that have a $500 credit limit but a big upfront fee will have that fee capped at no more than 50% of the credit limit, and it can be paid off over a year, rather than immediately.
For a more in-depth look, check out this post at the Financial Privacy Now Blog. And if you’re low on reading material, nothing beats the 284-page final ruling. Bear in mind, none of these will go into effect until 2010.