Those credit card reforms that the House of Representatives pushed forward in September might become law sooner than later.
The Board of Governors of the Federal Reserve Board is voting tomorrow on new credit card industry rules. They haven't announced the exact reforms yet, but here's what is expected:
- No retroactive, "any time – any reason" APR changes.
- Ban on application of payments only to the balance with the lowest rate.
- Ban on double-cycle billing.
- Ban on universal default clauses.
- Restrictions on "fee harvester" credit cards.
My colleague, Gerri Detweiler just wrote a great article about the possible regulations. She goes over each potential new change in detail. Click here to see what these credit card regulations could mean.
Emily Peters – Credit.com's personal finance expert and former TransUnion credit expert. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com moderator.
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