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A recent vote by the Federal Reserve Board, the Office of Thrift Supervision and the National Credit Union Administration has dramatically changed the relationship between you, the cardholder, and your credit card issuers.
These new credit card regulation reforms are expected to take effect by 2010, and many of these new changes will substantially benefit you as a credit card customer.
Answer a few questions about your credit card usage and BillShrink will find the credit card that matches you best.
Find the right cardCardholders shall no longer have to endure universal default (when issuers increase interest rates for customers who miss a payment on another account).Read more
Cardholders shall have ample time to pay bills: statements must be mailed 25 calendar days before due date.Read more
Cardholders shall have protection against arbitrary interest rate increases.Read more
Cardholders shall receive proper notifi- cation of interest rate increases with a 45 day notice.Read more
Cardholders shall receive fair allocation of payments to different balance rates.Read more
Cardholders shall have the right to set limits on their own credit.Read more
Cardholders shall no longer be subjected to double-cycle billing, a practice that hurts cardholders who pay off balances in full in one statement but not the next.Read more
Cardholders shall have payments credited properly on due dates if made before 5 P.M. EST.Read more
Universal default allows card issuers to raise interest rates on the customer's behavior on on another unrelated account. For example, if you've missed a payment on your utility bill or have your credit score lowered, a card issuer may increase the interest rates on your account. This policy and practice would no longer be permitted.
Issuers that meet this requirement:
American Express (15 cards),
Citi (5 cards),
Discover (5 cards),
Wells Fargo (5 cards)
Credit card holders will be provided with reasonable time to pay their bills. Card companies would be required to mail billing statements 25 calendar days before due dates (sometimes referred to as the "grace period"), eliminating the current minimum notification of 14 calendar days.
Issuers that meet this requirement:
Discover (5 cards),
First Premier Bank (3 cards),
Iberia Bank (1 cards),
Wells Fargo (5 cards)
Credit card companies can no longer arbitrarily change the terms of their contracts with a credit card holder, thus banning the practice of "any-time, any-reason re-pricing." If a card holder is subjected to interest rate hikes due to legitimate reasons, card holders would have the right to opt-out of the changes by canceling their card and paying-off the remaining balance with existing interest rates and terms.
Issuers that meet this requirement:
None yet
Credit card companies are now required to provide cardholders with a minimum 45-day notice of any pending interest rate increase, thereby allowing consumers sufficient time to consider their options.
Issuers that meet this requirement:
Bank of America (33 cards),
Citi (5 cards),
Discover (5 cards),
HSBC (1 cards),
Wells Fargo (5 cards)
Credit card companies will more equitably allocate payments on balances with different interest rates. For example, you may have a low balance transfer rate on your account with a higher interest rate for purchases. Current practice has credit card companies applying your payment to the lowest interest rate transaction first, thereby extending the time for you to pay off higher interest rate balances.
Issuers that meet this requirement:
None yet
Credit card companies will have to provide consumers the option to have a fixed credit limit that cannot be exceeded. This would help the consumer to avoid over-the-limit fees being applied to their account.
Issuers that meet this requirement:
American Express (15 cards),
Citi (5 cards),
Discover (5 cards),
First National Bank of Omaha (3 cards),
U.S. Bank (11 cards)
Double-cycle billing allows for credit card companies to compute finance charges based on purchases made in the current billing cycle rather than in the previous billing cycle. This policy hurts consumers who pay off their balances in full in one statement period but not the next. Credit card companies will now be prohibited from using this double-cycle billing practice.
Issuers that meet this requirement:
Bank of America (33 cards),
Citi (5 cards),
First National Bank of Omaha (3 cards),
First Premier Bank (3 cards),
HSBC (1 cards),
Iberia Bank (1 cards),
U.S. Bank (11 cards),
Wells Fargo (5 cards)
Payments made by a cardholder by 5 P.M. EST on the due date would be considered on time, and therefore would allow the consumer to avoid incurring late payment fees and possible interest rate increases.
Issuers that meet this requirement:
Bank of America (33 cards),
Citi (5 cards),
Discover (5 cards),
First National Bank of Omaha (3 cards),
HSBC (1 cards),
Orchard Bank (2 cards),
U.S. Bank (11 cards),
Wells Fargo (5 cards)
