- Plain-English contracts
- Can’t raise interest rates on existing balances unless the card holder is 60 days behind, then the rate has to be restored if payments are on time for six months.
- 45 days advance notice required for rate increases.
- Credit card companies can’t charge a late fee if they themselves are late processing a payment.
- Statements have to get mailed 21 days before the payment is due.
- Harder to give credit cards to people under 21.
- Interest rates
cancan’t be increased within the first year
- Promotional rates have to last at least 6 months
Senate Passes Bill to Restrict Credit-Card Practices [NYT] (Photo: frankieleon)