Saturday august 22, 2010 the Federal Reserve announced several new credit card restrictions resulting from the Wall Street reform bill.
1. No more astronomical late fees, now the fees cannot exceed your minimum payment.
2. They have eliminated Inactivity fees when not using your card for several months.
3. If your interest rate is increased they must tell you why
4. If your interest rate is increased every six months your interest rate will be evaluated and reduced if it is deemed necessary
Among these other new rules, the penalty fees will not exceed the dollar amount incurred by the consumer’s violation that caused the fee. For example, if a customer is late on making a $100 minimum payment, the fee can’t exceed $100. If you exceeds your credit limit by say $20 you cannot be charged an “over the limit” fee of more than $20.