Credit Card Act

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Overview of Law

Establishes new rules and more transparency to protect Americans from unfair and deceptive credit card practices such as arbitrary interest rate increases, hidden fees and penalties. By delaying the implementation date, however, many banks raised fees and rates prior to the effective date. It also includes an unrelated Republican amendment that allows the carrying of firearms in national parks.

Credit Card Act Benefits & Positives

DatePositive Result\BenefitRank
05/22/09Credit cardholders protected against arbitrary interest rate increases, hidden and excessive fees, and due date gimmicks