House OKs Credit Card Bill; Obama Up Next

By Newser Editors and Wire Services
Posted May 20, 2009 1:49 PM CDT
The House overwhelmingly approved the credit card reform bill this afternoon. It now moves on to President Obama, who is expected to sign it.   (©inkynobaka)
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(Newser) – Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay by phone.

People under 21 also will find it difficult to get a card. As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.