August 22nd, 2010
10:17 AM ET

New credit card rules enforced

New rules designed to protect credit card users from "unreasonable late payment and other penalty fees" come into force Sunday as a result of the Wall Street reform bill.

The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations.

They are the final provisions of federal legislation that placed new restrictions on credit card interest rates and fees, completing the most comprehensive overhaul of the credit card industry in history.

The Fed's rules could result in lower interest rates for consumers. FULL STORY

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Filed under: Finance
soundoff (6 Responses)
  1. Hayden

    Stupid, stupid, stupid. Banks are businesses-they have the right to charge what they want. If you don't like it, then use a different bank. That's the way it's supposed to work. We need to employ an economic system that we haven't used in a while-it's called capitalism.

    August 22, 2010 at 2:06 pm | Report abuse |
    • AR377

      Actually, Hayden, since you apparently don't know about credit, let me explain: just because you sign up for a card with a certain APR, late payment fee, annual rates, etc, that doesn't mean it WILL ALWAYS STAY THE SAME, even if you are making your payments on time. So therefore, there SHOULD be regulations on what credit card companies can charge, so they don't rip you a new one a few months after you get your card.

      August 24, 2010 at 4:05 pm | Report abuse |
  2. Ernest Everhard

    Smart, smart, smart! People have the RIGHT to use their representative government to protect themselves against the sort of predatory business practices that the banksters and parasitic financiers have used to victimize them and help drive the national economy straight into a depression. There are plenty of suck-ups and ignoramuses among us who would love to return to the days of 19th century laissez-faire; fortunately there are many more intelligent folk who know better!

    August 22, 2010 at 3:29 pm | Report abuse |
  3. Laura M

    Why can't the government set rules for banks and credit card companies? I have one major credit card and a bank debit card that I use for most of my purchases. You can't travel, make a reservation, buy on line, or write a check at most business anymore. I play by their rules, pay on time, pay off the total in full, and now the companies want to penalize me, and others, because they are not getting any extra revenue from me to add to their billion dollar profit. Yes, capitalism is what makes our way of life work, but not when it turns into GREED!!!!

    August 22, 2010 at 6:11 pm | Report abuse |
  4. Dopc Holiday

    Hayden is the type of moron that would even argue crack houses have the right to do business and be absent of federal oversite as long as they turn a profit. He has no clue about how this country was founded and based on the rules of law in his pothead world of phony laissez-faire corporatocracy.

    News flash, the system isn't working that way you damn fool; so put down the bong sonny, before you fry what's left of your pea brain.

    August 22, 2010 at 6:15 pm | Report abuse |
  5. KidCreole

    I'd say Ernest and Hayden is the same person.

    August 23, 2010 at 5:54 am | Report abuse |