Rules Implementing the Credit CARD Act Effective Today
Among other things, the final rules will:
- limit the application of increased rates to existing credit card balances.
- require credit card issuers to consider a consumer’s ability to make the required payments.
- establish special requirements for extensions of credit to consumers who are under the age of 21.
- limit the assessment of fees for exceeding the credit limit on a credit card account.
Last week, the Federal Reserve announced a Credit Card website to help consumers better understand the credit card rules that take effect today. Two interactive features on the site enable consumers to learn more about credit-card offers’ terms and fees and about the new features on monthly statements. The Fed has also posted a summary of the rule changes for consumers.
