Posts Tagged ‘credit card rules’

Chase responds to tougher credit card rules?

July 2, 2009

By upping customer minimum payments:

“As lawmakers worked out credit card reform legislation earlier this year, card issuers argued that tough restrictions would make credit costlier for consumers. Now that tough reform has been signed into law by President Barack Obama, some lenders are making good on those threats.

Kezia Richards of Pennsylvania told the Huffington Post that last week she received a notice from Chase that her minimum monthly payments would be increasing from 2 to 5 percent of her total balance on her two Chase credit cards.

“It came in the mail like junk mail,” she said, noting that in the past she usually ignored mail from Chase but had been opening the letters more recently.

“This one made me physically sick when I read it,” she said.”

Article:

New credit card rules proposed

April 22, 2009

The Federal Reserve and Office of Thrift Supervision had proposed new credit card rules which would do the following:

*Disallow companies that purchase a credit card division from changing the terms of credit cards for existing customers

*Nor can they make special offers of deferred interest and then change the terms through a “universal default” rate increase.

From the Consumer Law and Policy Blog