According to credit card news from across the pond, a new law that will come into effect from February could affect major change on the credit card industry . Fears are running high amongst credit card companies that the changes will be extremely expensive to implement.
Senator Christopher Dodd, the chairman of the Senate banking committee, reportedly said: "This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry."
The new credit cards law includes a number of set provisos. For instance, credit card companies must stop interest rate increases and universal default, card issuers must make promotional rates last for a six month period, card providers must make penalty fees reasonable, cardholders must be kept informed at every stage.
UK card association APACS expert Sandra Quinn reportedly commented: "We will watch to see how the situation in the US develops. Many of the new US policies already exist in the UK under the Banking Code and have done for four years."
Credit card restrictions in America
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Credit card restrictions in America
Fri, 22 May 2009
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