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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.


Press Releases

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Blog Posts

  • CFPB Forces American Express To Refund $85 Million

    American Express will refund an estimated $85 million to some 250,000 customers for illegal credit card practices under a settlement announced today by the CFPB.  The company will also pay a penalty of $27.5 million and has agreed to correct its practices. The CFPB is clearly putting credit card companies on notice that, if you Continue Reading

  • How To Get Your Capital One Refund

    Consumers Union alongside of activists like you fought for the creation of the CFPB, a financial watchdog whose job is to stop unfair practices and fight for consumers. The CFPB was the consumer centerpiece of the 2008 Dodd-Frank financial reform bill. In the watchdog’s first enforcement action it ordered Capital One to provide $140 million in refunds Continue Reading

  • CFPB Fines Capital One $210 Million For Deceptive Credit Card Practices

    As the CFPB gets ready to mark their 1 year anniversary some big news is breaking. The CFPB is fining Capital One $210 Million dollars for their deceptive practices. According to the Wall St. Journal: The McLean, Va., banking company will refund $150 million to 2.4 million consumers who bought Capital One-branded products over the Continue Reading

  • Pew Study: Consumers At Risk From “Business” Credit Cards

    Pew released a report this week finding that consumers are getting marketed “business” credit cards that exploit loopholes in the CreditCARD Act – beware of this trap!

  • CARD Act’s 1 Year Anniversary

    Today marks the one-year anniversary of the CARD Act. The CFPB should pick up where the legislation leaves off.

  • College Students Still Big a Target for Credit Card Companies

    73% of freshmen are seeing card issuers marketed to students off campus.

  • BofA’s “$0 Liability Guarantee” – Is It As Good As it Sounds?

    Bank of America has rolled out a new “$0 liability guarantee” on their debit and credit cards, but it might just be federal law. BofA customers need to be aware of their rights under current credit and debit card regulations, just in case BofA’s policy doesn’t cover everything.

  • Professional Cards: Watch out for this CARD Act loophole!

    Card issuers have stepped up their offers for professional cards, which are not covered by the CARD Act.

  • Back To School: Campus Financial Tips

    Tips for Bank Accounts, Credit Cards, and Prepaid Cards for college students

  • DYD on the Rachel Maddow Show- Watch Here

    Watch Gail Hillebrand talk about how the CARD Act will affect you on the Rachel Maddow Show

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News Articles

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