Credit Card companies, which must shape up Dec. 1 in order to comply with government-mandated reforms, aren’t exactly rushing to shape up, reports BillShrink, a site that lets you compare credit cards, cell phone plans and other services.
BillShrink’s research found that no companies are complying with the Credit Card Act‘s rules that issuers allocate payments fairly and educate customers about the pitfalls of only making minimum payments. BillShrink runs down the major changes of the new laws and tracks the percentage of credit card companies that are currently complying with each:
· 0% of issuers allow for fair allocation of payments
· 0% of issuers educate customers on dangers of minimum payments
· 50% offer protection from arbitrary rate increases
· 80% have eliminated universal default
· 95% of issuers have eliminated fees from double-cycle
· 95% now give cardholders enough time to pay their bill
Looks like Dec. 1 can’t come soon enough.
Credit Card Bill of Rights: Which cards are complying? [BillShrink]