We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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
Requires banks to review rate increase every six months
Establishes gift card protections
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.
Publications
- Things to Consider When Deciding Whether to Place a Security Freeze
You’ve been reading and hearing about the “security freeze” to stop new account identity theft. Should you get a security freeze? Here is some information from Consumers Union about this personal choice.
- Are you experiencing problems with your security freeze?
Are you experiencing problems with your security freeze? If you need to speak with a representative at the three major credit reporting agencies regarding a problem with your security freeze, please call them at these phone numbers: Equifax 800-846-5279 TransUnion 888-909-8872 Experian 800-821-8805 If you are still experiencing problems with obtaining information about your credit Continue Reading
- Frequently asked questions about security freeze
Credit card companies, merchants, other businesses, and government entities do not always adequately safeguard consumers’ private financial information.
- Wyoming
Eligibility: All consumers
Fees: No fees for identity theft victims. All others pay $10 to place the freeze, lift it temporarily, or remove it altogether.
Note: Requires electronic and telephone methods to lift, imposes the 15 minute lift time frame starting September 1, 2008.
Effective date of law: July 1, 2007
Permanent freeze remains until removal requested by consumer.
Copy of Wyoming’s security freeze law
Instructions for using Wyoming’s security freeze law - Wisconsin
Eligibility: All consumers
Fees: No fee for an “individual who submits evidence satisfactory to the CRAs that the individual made a report to a law enforcement agency.” All others pay $10 to place, temporarily lift, or remove the freeze altogether.
Effective date of law: January 1, 2007
Permanent freeze remains until removal requested by consumer.
Copy of Wisconsin’s security freeze law
Instructions for using Wisconsin’s security freeze law - West Virginia
Eligibility: All consumers.
Fees: No fees for identity theft victims. All others pay $5 to place the freeze, lift it temporarily, or remove it altogether.
Effective date of the law: July 2, 2007
Permanent freeze remains until removal requested by consumer.
Copy of West Virginia’s security freeze law
Instructions for using West Virginia’s security freeze law - Washington
Eligibility: Currently applies to identity theft victims, including persons who receive a notice of a security breach of computerized personal information. Beginning September 1, 2008, all consumers will be eligible for the freeze.
Fees: No fees for identity theft victims or seniors aged 65 years and older. Once all other consumers become eligible in September 2008, they will pay $10 to place the freeze, lift it temporarily, or remove it altogether.
Effective date of law: July 24, 2005 for identity theft victims; September 1, 2008 for all consumers
Permanent freeze remains until removal requested by consumer.
Copy of Washington’s security freeze law
Instructions for using Washington’s security freeze law from WA’s Attorney General - Virginia
Eligibility: All consumers.
Fees: No fees for identity theft victims with police reports. All others pay a $10 fee to place the freeze.
Effective date of law: July 1, 2008
Permanent freeze remains until removal requested by consumer.
Copy of Virginia’s security freeze law
Instructions for using Virginia’s security freeze law - Vermont
Eligibility: All consumers.
Fees: No fees for identity theft victims. All others pay $10 to place the freeze, $5 to lift it temporarily or remove it altogether.
Effective date of law: July 1, 2006
Permanent freeze remains until removal requested by consumer.
Copy of Vermont’s security freeze law
Instructions for using Vermont’s security freeze law from VT’s Attorney General - Utah
Eligibility: All consumers
Fees: Utah’s law allows credit bureaus to charge “reasonable fees,” without specifying the amount that can be charged.
Note: Consumers will be able to temporarily lift or “thaw” the freeze within 15 minutes of electronic request
Effective date of law: September 1, 2008
Permanent freeze remains until removal requested by consumer.
Copy of Utah’s security freeze law
Instructions for using Utah’s security freeze law
Press Releases
- House to vote on credit card reforms
CU joins with other consumer groups to urge Congress to curb abusive credit card lending practices
- OCC sides with banks on credit card reform
Fed proposal offers important protections for consumers against abusive credit card practices
- Congress to consider landmark credit card bill
Groups call on House committee to curb predatory credit card lending
- CU applauds effort to restrain abusive credit card practices as a strong first step
The agencies have issued proposed rules that would restrict when and how the credit card companies can raise interest rates and assess fees.
- Alaska governor signs strong new ID theft law
New law includes toughest restrictions on collection and sale of Social Security numbers in the U.S.
- New rules proposed to curb unfair bank practices
Proposal offers new protections for credit card customers, but more safeguards are needed
- Senator Dodd’s credit card reform bill applauded
Legislation would end the most abusive & costly credit card practices
- Groups push Congress for credit card reforms
CFA and CU called on Congress to end abusive credit card lending practices in testimony before Congress.
- Credit cardholders send Congress a Valentine
Consumers groups deliver 120,000 constituent postcards urging Congress to “Kiss credit card abuses goodbye!”
- CU says Social Security numbers need protection
Widespread use and availability of Social Security numbers puts Americans at risk of ID theft
Blog Posts
- Paper statement fees?! Credit card issuers’ latest trick
From Guest Blogger: Suzanne Martindale
As consumers brace for the additional protections of the CreditCARD Act to go into effect on February 22, credit card issuers are finding more and more inventive ways to squeeze extra money out of their customers. This time, the joke is on consumers who use credit cards affiliated with retail stores.
- Dangers Of Debt Contest
DefendYourDollars.org wants you to show us what the Dangers of Debt mean to you. Winner receives $1,000 and a years subscription to Consumer Reports Online! - Consumers Protest Makes National News
Consumers who shared their story about not using their credit cards is featured on ABC Nightly News
- Tips Of What To Look Out Next From Credit Cards
Read about the ways credit card companies can still rip you off. Hint: There is more than one.
Also, in order to really reign in the lending industry we need a game changer in reform. - The Power of Putting Your Card In Your Pocket
No charging ’til they change their ways!
- The Card Game: An Expose on Credit Cards
Watch Frontline Tomorrow night. Tuesday November 24th at 9 pm. CU activist has a “cameo”.
- Tell the Fed Stop New Credit Card Ripoffs!
We outline the newest ripoffs and what the Fed should do about it.
- Credit Card Freeze Bill … Frozen!
Republican blocked a bill that would move up the effective date of the CARD Act
- Protect Your Holiday Spending
The way you pay for your best friend’s gift this holiday season can make a big difference, especially if something goes wrong.
- Creative credit cards are a bummer
Credit card companies are finding creative ways to milk their customers.
News Articles
- House panel backs curbs on credit card practices
Legislation aimed at curbing unfair credit card billing practices was approved on Thursday by a U.S. House of Representatives committee.
- Banks’ credit card bluster rings hollow
The credit card industry threatens to take its toys and go home after new regulations proposed
- Credit card rates hustle higher
Financial institutions are sharply raising rates for credit card customers — even those who pay on time.
- Fed drafting new credit card rules
Regulations would panel some “unfair and deceptive” practices
- Congress tackles credit card reform
Lawmakers say legislation is needed to curb many of the ‘unfair’ practices employed by credit card issuers.
- U.S. credit card companies oppose House consumer bill
Bill aims to stop arbitrary interest rate increases, penalties for consumers who pay on time, and excessive fees.
- Muscle silences credit card adversaries
Consumer witnesses shut out of congressional credit card hearing
- Reining in credit card nonsense
The Credit Cardholders’ Bill of Rights Act aims to end unfair practices
- Consumer groups, lawmakers seek credit card reform
Consumer groups delivered pre-written “Valentine” postcards to lawmakers signed by their constituents seeking no more “outrageous fees,” “unfair rate hikes” and hidden interest charges, among other practices.
- Editorial: Card issuers invest in D.C.
Money from fees, usurious rates is recycled as political contributions
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!