Federal Reserve releases credit card protections
The Federal Reserve released the final rules on the credit card reform act that basically will kick in Feb. 22.
Many of the provisions have already been heavily discussed, such as no cards issued to those under 21 unless they have a co-signor or can prove they have the means to pay the bill.
Other provisions you might not have heard about. Including:
- Credit card issuers generally won’t be allowed to increase interest rates on a card during the first year after an account is opened and when rates do go up, the new higher rate can’t be applied to the existing credit card balance.
- Card issuers will have to get your consent before charging fees for transaction that exceed the credit limit.
- And card companies will have to limit the high fees associated with subprime credit cards.
To Read the full 1,100 page report by the Federal Reserve click here
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