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Will the Fed enforce new tough credit card rules? Maybe. Let's look at the new rules.
First, we must recognize that Congress passed laws regulating credit card companies back in May. It was called the Credit Card Act. It required that:
- Credit cards issuers must provide more transparency by disclosing the terms of their customer agreements.
- Credit card rates would not be raised unexpectedly.
- There would be no rate increase during the first year after a new account is opened.
- Cards could not be issued to persons under age 21, unless the borrower can make the payments or has a parent co- signer who can make the payments.
- Consumer consent is needed before creditors could charge fees for transactions that exceed their credit limits and curb fees to sub prime cards for customers with risky credit.
- "Two cycle' billing is banned where a creditor raises an interest rate and charges the higher rate for a customer's previous borrowing.
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