New Bill Proposed To Keep Credit Card Companies Honest Informative - Billing And Practices
Although the banks say they are interested in protecting it's consumers, they believe that this bill is "unfair."
A few quotes I found interesting:
"A bill introduced a few weeks ago by Rep. Carolyn Maloney (D-NY), would change the way most credit card companies do business and provide significant consumer protection for every card holder."
"The Credit Cardholders’ Bill of Rights would prohibit credit card companies from arbitrarily changing their contract with a card holder."
"When a bank invokes the “universal default” clause, it applies the new interest rate to both future purchases and your outstanding balance. This can be devastating. Your minimum monthly payments get higher and the amount of time it takes to pay off that old debt increases.
"No other business in America could raise the price on something after you purchased it,” says Travis Plunkett, legislative director at the Consumer Federation of America. “But that’s exactly what credit card companies do when they increase your interest rate on an outstanding balance.”"
"This bill would require credit card companies to mail billing statements at least 25 days in advance of the due date. The current minimum is 14 days.
The bill would also set a uniform industry-wide standard for crediting payments. All payments received by 5 p.m. Eastern Standard Time on the due date would be considered on time. Payments made online or by phone directly to the credit card company before 5 p.m. would have to be credited to the consumer’s account that business day."