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Credit Card Reform: Get Ready for Some Changes

The credit card reform rules passed by the OTS bans lots of deceptive (and expensive) practices that credit card companies have used lately to make more mone from customers (such as raising the interest rate on an existing credit card balance when the consumer is paying the credit card bill on time).

“I am extremely proud that OTS leadership has culminated in this important rule to ensure fair treatment for the millions of Americans who use credit cards,” said OTS Director John Reich.  “The rule will enhance public confidence in financial institutions and establish a level playing field for institutions that want to do business fairly without suffering competitive disadvantages.”

The credit card reform rules require that consumers receive a reasonable amount of time to make their credit card payments, prohibits payment allocation methods that unfairly maximize interest charges and, in the subprime credit card market, limits fees that reduce the credit available to consumers.

The rule is scheduled to take effect on July 1, 2010 (although credit card companies are being urged to adopt the rules sooner).

Yes!  A win for the American consumer. 

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