The Federal Reserve is advocating and pushing for new rules that will ban first-year rate increases and issuing to those under 21 without cosigner…
Fed is proposing tough new credit card rules
WASHINGTON – The Federal Reserve is proposing rules to better protect Americans from sudden hikes in interest rates on credit cards.
The plan would generally bar rate increases during the first year after an account is opened. It would also virtually ban increasing the rate on existing credit card balances.
The proposal also would require credit card companies to obtain a customer’s consent before charging fees or transactions that exceed their credit limit. Companies would also be forbidden from issuing credit cards to people under the age of 21, unless they have the ability to make the required payments or have a co-signer, such as a parent.
read full article here… Fed is proposing tough new credit card rules – Consumer news- msnbc.com.
