New Credit Card Fees in the US to take effect today

Starting today, August 22, 2010, new credit card fee rules will take effect in the United States. These fee rules will be in favor for all the consumers. Consumers will have more protection against unreasonable penalty fees and high interest.

All credit card companies such as Visa, Mastercard, Diners Club International, and Amex can no longer charge penalty fees of more than $25.00 USD.

Companies cannot charge you a late payment penalty fee greater than the amount of your minimum payment. Inactivity fee for not using your credit card has been removed.

Credit card companies can no longer charge you more than one penalty fee per transaction.

US credit card users will have at least 45 days notice for increase in interest rate. Double billing cycle will also be eliminated in the new rules for US credit card holders.

This is definitely a great news for all US credit card users. This can surely lessen the headaches of consumers who have a not-so-good credit standing

This entry was posted on Monday, August 23rd, 2010 at 6:00 am and is filed under Business, Headlines. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.