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House Approves Credit Card Reform

By Harry Kimball,  Newser Staff

Posted Apr 30, 2009 4:44 PM CDT

(Newser) – The House today approved legislation to protect credit card holders from hidden fees and sudden rate hikes, Reuters reports. Legislators voted overwhelmingly for the Credit Cardholders' Bill of Rights, a measure banks complain will tighten the amount of credit available and make holding a card more expensive. The Senate is expected to pass its own version next, and President Obama hopes to sign the bill in May.

Among other things, the bill would outlaw retroactive rate hikes and the issue of a credit card to anyone under 18, the AP notes. Much of the legislation would not go into effect for a year, except for one provision that requires companies to give customers 45 days' notice before rates go up. That would take effect 90 days after Obama signs the measure.

Members of the House of Representatives of the 111th Congress.
Members of the House of Representatives of the 111th Congress.   (AP Photo)
The Capitol, with congressmen.
The Capitol, with congressmen.   (AP Photo)
VISA credit cards.
VISA credit cards.   (AP Photo)
Signs for American Express, Master Card and Visa credit cards are shown on a New York store's door.
Signs for American Express, Master Card and Visa credit cards are shown on a New York store's door.   (AP Photo)
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COMMENTS
Showing 1 of 1 comment
gilgordan
May 1, 2009 4:40 AM CDT
Hope it is comprehensive and has enough regulatory enforcement for these economic slave masters.

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