Bill Could Limit Credit Card Fees, Interest Rates

video from Fox 4 News- Kansas City

The Credit Cardholders’ Bill of Rights:

Protects cardholders against arbitrary interest rate increases - credit card companies must give cardholders a 45-day notice of any increase.

Prevents cardholders who pay on time from being unfairly penalized

Protects cardholders from due date gimmicks

Shields cardholders from misleading terms

Empowers cardholders to set limits on their credit

Requires card companies to fairly credit and allocate payments

Prohibits card companies from imposing excessive fees on cardholders

Prevents card companies from giving subprime credit cards to people who can’t afford them

Requires Congress to provide better oversight of the credit card industry

Contains NO rate caps, fee setting, or price controls

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