Credit Cards

The Federal Reserve proposed restrictions on the charging of credit card late payment penalties and banning the practice of charging inactivity fees on credit cards. These proposed rules are part of the third phase of rules per the Credit Card Act of 2009 which was enacted in May 2009.

If you have ever been told you were over your credit card limit, or had your debit card declined, even though you knew you had available credit, or money in your bank account, then this could have been credit card or debit card "blocking." Did this happen shortly after you stayed in a hotel or rented a car? If so, the problem could have been credit card or debit card "blocking."

Consumer credit card agreements from more than 300 credit card issuers are now online in a searchable database created by the Federal Reserve Board.

Recent Credit Cards News

The rules would apply to gift certificates, store gift cards, and general use prepaid cards.
The new consumer-friendly legislation's provisions go into effect in February and August 2010. This new bill would result in most of the provisions go