Credit Card Industry Informative - Credit Card Holder's Bill of Rights HR5244

Review by 65146 on 2008-08-04
There's a bill in the House not getting much media attention or at least not on the Fox & Friends but to be fair they've been awfully busy campaigning for John McCain on their show lately so it's understandable this bill flew under their radar.

I urge my fellow members if you agree with this legislation to let your Senators and Representatives know you support this bill.

Basically the Credit Card Holder's Bill of Rights attempts to rein in the credit card industry and put a stop to some of their seedier practices – Ya know the same practices that have been the genesis of many, many, many my3cent complaints.

I'm going to highlight a few things I found interesting in the bill but if you want the complete story google "Credit Card Holder's Bill of Rights" or HR5244 or heck both.

1. The bill would allow the consumer the choice of having their credit limit enforced that is if the consumer so desired all charges in excess of their credit limit would be declined without penalty and under no circumstance would a consumer who elected to have their credit limit enforced be charged an over limit fee.

2. Would eliminate the insidious double cycle billing which could result in a consumer paying interest on a previously paid off balances. A practice so unethical that even Chase voluntarily quit doing it.

3. Would restrict over limit fees so that only one fee could be charged per period instead of a fee for each transaction.

4. Would require any electronic funds transfer payment made online or by phone received before 5PM EST on any business day to be credited to the consumer's account that business day.

5. Accounts with multiple rates of interest shall have the payments distributed to each balance in the same proportion each balance is to the outstanding balance. It would do away with the practice of applying the entire payment to the balance with the lowest interest rate.

6. Require all credit card statements to be sent out at least 25 days prior to the payment due date.

There's plenty more....

These regulations are long overdue. If you believe in this "Consumer Revolution ®" then show your support for HB 5244. It's the right thing to do
Comments:4 Replies - Latest reply on 2008-08-04
Posted by Hugh_Jorgen on 2008-08-04:
This will force the credit card companies to be a LOT more selective about who they extend credit to.
Posted by Anonymous on 2008-08-04:
...and adding to what Hugh said, this would be a very good thing.
Posted by Anonymous on 2008-08-04:
Thank you LMD. I'm going to read the entire bill. Thanks for the info. I can't believe I'm doing this but I'm voting VH. :)
Posted by Slimjim on 2008-08-04:
This is a good post and a bill that needs to be passed. Some of the things you highlighted I was not aware were part of this proposition, nor did I know Chase gave up the 60 day cycle billing. Nice informative.

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