Defend Your Dollars

Credit Cards

Credit card companies are raising interest rates and lowering credit limits while happily getting bailed out with our tax dollars. Have you seen recent changes to the terms and conditions on your credit card? Tell us your story and help us stop these card companies from unfairly picking your pocket!

Credit Cards

A comprehensive credit card law is now in place that will help end the tricks that trap consumers in high-cost credit card debt. You can learn more about these key rights below. Click here to see when different provisions of the law go into effect.

The new credit card law includes these consumer protections:

• Restricts all interest rate increases during the first year
• Restricts interest rate increases on existing balances
• Increases notice for rate increase on future purchases
• Preserves the ability to pay off on the old terms
• Requires fair application of payments
• Provides sensible due dates and time to pay
• Protects young consumers
• Restricts issuance fees on fee harvester cards
• Requires enhanced disclosures
• Places limits on fees and penalty interest (effective Aug. 22)
• Requires banks to review rate increase every six months (effective Aug. 22)
• Establishes gift card protections (effective Aug. 22)

Help keep us informed.

Banks will continue to come up with new practices designed to get more money out of you, so tell us what’s been happening with your credit card

Click here to read a full summary of the Credit Card Legislation.

Read the Federal Reserve Board’s Tips on the new Credit Card Law.