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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.

Publications

Press Releases

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Blog Posts

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News Articles

  • Study: Credit card late fees much higher

    Unfair or confusing credit card practices take advantage of working families

  • Guest Opinion: Have you had your identity stolen yet?
    Source: Billings Gazette (Saturday September 16, 2006)

    Montana consumers will have a way to stop thieves from opening fraudulent accounts using stolen information if state lawmakers pass a security freeze law.

  • Anti-ID theft measure lets consumers freeze credit accounts
    Source: Arizona Daily Star (Saturday March 11, 2006)

    Consumers Union says Arizonans would pay too much for the proposed “security freeze.”

  • Editorial: Credit protection
    Source: St. Petersburg Times (Tuesday January 17, 2006)

    The Florida state legislature should create an optional security freeze so Floridians can protect themselves against identity theft and credit card fraud.

  • Connecticut Governor signs ID theft law
    Source: Insurance Journal (Sunday July 10, 2005)

    Under a new law signed by Governor M. Jodi Rell, consumers in Connecticut will have the right to put a security freeze on their credit files to prevent identity thieves from opening new credit accounts in their names.

  • States scramble to protect data
    Source: Washington Post (Saturday April 9, 2005)

    Lawmakers in numerous states around the country are considering bills to give consumers the right to put a security freeze on their credit files to keep identity thieves from opening new accounts in their names.

  • Editorial: Freeze identity theft
    Source: Seattle Times (Tuesday March 15, 2005)

    The Seattle Times editorializes in favor of legislation to allow Washington State residents to put a security freeze on their credit files to thwart identity thieves.

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