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Credit Card Laws

Feds got your backs when it comes to credit card fees Written by Maryalene LaPonsie The Credit Card Accountability Responsibility and Disclosure Act of 2009 made sweeping reforms to the credit card industry. It is why you now know exactly how long it will take to pay off your balance if you only make minimum payments, and it is why marketers hawking student credit cards have largely disappeared from college [...]
Benefits of credit cards for stay-at-home spouses Written by Maryalene LaPonsie Just because you can get a credit card, should you? It's a question that popped into my mind while reading about a recent rule change adopted by the Consumer Financial Protection Bureau. The new rule addresses a provision of the CARD Act that effectively blocked stay-at-house spouses from obtaining new credit cards. Under the act, credit [...]
Why are the credit card companies complaining over the CFPB complaint database? Written by Geoff Williams So apparently some credit card companies are tied up in knots because the Consumer Financial Protection Bureau has put up a database allowing customers to search and see what kinds of complaints customers have. As USA Today recently reported, the credit card issuers beef is that "there's no assurance that the complaints aren't frivolous -- or [...]
Why the CFPB was right to walk away from fee-harvester battle Written by Geoff Williams So the Washington Post and other sources report that under new director Richard Cordray, the Consumer Financial Protection Bureau is walking away from a plan to curtail large upfront fees on credit cards. Cordray and the CFPB have gotten some flack for that from critics, but I don't think it's the worst decision in the world. True, [...]
Consumer research group praises CARD Act Written by Guest Author This is a guest post by Josh Frank in response to Richard Barrington's article "CARD Act may have cost consumers billions." Opinions presented in this post are not necessarily endorsed by CardRatings.com. New credit card rules mandated by the Credit CARD Act of 2009 have made prices significantly more transparent and lower for consumers—contrary to [...]
Denied for the best credit card? Lenders now required to say why Written by Geoff Williams When is good news also bad news? Starting July 21, it will be easier for consumers to get a free credit score. Because of a new law, you may just get, in the mail, with no strings attached, your very own credit score. That's the good news. But the bad news is that if you get that [...]
Debate continues on debit and credit card transaction fee limits Written by The fight over debit and credit card transaction fees may not be over, according to advocates on both sides of the issue. The so-called "Durbin Amendment," passed along with 2010's Dodd Frank finance reform bill, forces credit card processors to cap the interchange fees they charge for debit cards at 12 cents per purchase. According [...]
Business credit card marketing facing Congressional criticism Written by Imagine a business owner who asked the government to stop ensuring the safety of raw materials delivered by her vendors. In exchange, she might enjoy faster delivery times, a more robust end product, and even the chance that her shipment might occasionally burst into flames. That's an analogy that critics of the credit card industry [...]
Why Federal Credit Card Rate Caps Will Burn Consumers Written by Consumers have been up in arms over escalating rates on their credit cards. They've complained to lenders, researched options on other credit card terms, and sent a loud and clear message to their Congressional representatives. President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 last May, and, in response to the [...]
Why the Credit CARD Act Is Actually REALLY BAD for Students Written by Kate Thome While many people have written about how the CARD Act may affect the availability and cost of credit in general, little criticism has been raised about the student/under 21 provisions. Here are four ways the CARD Act hurts students or young adults: 1. The Credit CARD Act Is Discriminatory Sec. 201.B of Reg B issued [...]

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