New Federal Rules For Credit Cards Offer Great Protection

Federal Reserve System, a set of new rules proposed in the Wednesday can control the credit card for business the ability to charge a series of fees and the imposition of higher interest rates. This change will be a series of consumer’s protection at the end of February the implementation of the duties and responsibilities of credit card information disclosure act, also known as the card acts and may continue to change the credit card from a simple source of income for banks.


To prevent the credit card issuer obtain large penalties consumers charges, forcing the issuer to re-rate increase since the beginning of last year.

The new rules, thus affecting in August, prohibiting certain tactics, and credit card companies have achieved from the card law and bipartisan support in May 2009. In those that have caused the largest consumer contempt: Charging 'activities, the cost of the account holder was unable to use a card, so that the annual cost of the new purchase is different from the cost of inactivity, usually at 50 dollars and 100 U.S. dollars a barrel mark for the same time, regardless of how often accused of using a card.

The Fed's new rules also bar the credit card companies  customer penalty costs were higher than U.S. dollars obtained from the amount of over-committed customers. For example, a customer is late-payment, the minimum payment of 20 dollars will be charged for any fees may be no more than 20 billion U.S. dollars. Many credit card companies charge 39 U.S. dollars in fines, regardless of the actual amount of the transaction, resulting in a penalty.

However, credit card issuers will find new ways to make up for lost income, even these rules take effect, these changes in August in a new cost increases.


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