NYT: It sounds like most of the good stuff stayed in the Senate Credit Card Reform bill:

• 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 can can’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)

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