Credit Card Holder Bill of Rights
The House passed H.R. 5244, otherwise known as the Credit Card Holder’s Bill of Rights on September 23, 2008. H.R. 5244 is an amendment to the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan.
Here is a list of some pieces included in the bill:
- Protects cardholders against arbitrary interest rate increases
- Prevents cardholders who pay on time from being unfairly penalized
- Protects cardholders from due date gimmicks
- Shields cardholders from misleading terms
- Empowers cardholders to set limits on their credit
- Requires card companies to fairly credit and allocate payments
- Prohibits card companies from imposing excessive fees on cardholders
- Prevents card companies from giving sub-prime credit cards to people who can’t afford them
- Requires Congress to provide better oversight of the credit card industry
Published Oct 1, 2008.