New Rules for Credit Card Companies
As we've mentioned before, the regulation of credit card companies has been discussed at various branches of the federal government, with the Federal Reserve Board imposing a number of new regulations on these companies.
Effective today, credit card companies must now follow an additional set of rules that will be enforced by the Federal Reserve. The new rules mean your credit card statement might look different than before.
What to expect:
- The credit card company must tell you how long it will take to pay off the balance if you only make minimum payments.
- If the credit card company raises the interest rate, it can only apply to new charges.
- The due date to pay the balance must be the same each month.
The Federal Reserve Board has more information at What You Need to Know: New Credit Card Rules.