New Credit Card Rules Take Effect This Weekend

Although many of the credit card regulations passed by Congress in 2009 already apply by now, a few were delayed for some time. Several will finally take effect this Sunday. TheStreet.com explains a few you might want to know about. Card issuers will now be required to:

  • Designate "reasonable and proportional" penalty fees to the omission or violation.
  • Periodically review all interest rate increases since January 2009 and reduce rates when a review indicates that a reduction is warranted.
  • Amend the Electronic Fund Transfer Act to limit dormancy, inactivity, and service fees associated with gift cards, according to the House Committee on Financial Services' web site.

Read the full story at TheStreet.com for greater detail.

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Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.

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