New Credit Card Rules Take Effect This Weekend

By Daniel Indiviglio

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.

This article available online at:

http://www.theatlantic.com/business/archive/2010/08/new-credit-card-rules-take-effect-this-weekend/61800/