Fed Approves Credit Card Rates Rule

Fed Issues Rule on Card Rates, Over-Limit Fees

BUSINESSWEEK By Alexis Leondis

Jan. 12 (Bloomberg) — The U.S. Federal Reserve approved a rule that will protect credit-card holders from abrupt interest rate increases and require consent before charging fees for transactions that exceed credit limits.

The Fed’s rule also will limit fees for subprime credit- cards, or those issued to consumers with lower credit scores. It will add restrictions on giving credit cards to consumers under the age of 21, according to a statement from the Fed today. read more… Fed Issues Rule on Card Rates, Over-Limit Fees (Update1) – BusinessWeek.