The House of Representatives passed legislation that’s commonly known as the Credit Cardholders’ Bill of Rights today, but the bill is expected to be ignored by the Senate while they work on that whole $700 billion bailout thing.

Reuters says:

The House passed the bill, 312 to 112, but it was not expected to advance in the Senate as Congress tackles the Bush administration’s $700 billion Wall Street bailout plan before adjourning as soon as Friday.

Credit-card issuers like Bank of America and Citigroup could still face restrictions from the Federal Reserve, which is expected to finalize similar rules by the end of this year.

The bill would prevent banks from retroactively increasing interest rates until the card holder is over 30 days late, and would require banks to mail statements 25 days before the due date.

House passes credit-card reform bill [Reuters]
(Photo: balmes )