New Credit Card Rules Go Into Effect

Ad Feedback

New government regulations over the way credit card companies can penalize cardholders are now in effect.

Penalty fees for late payments or a purchase that puts one over his or her credit limit, will not result in fees higher than $25.

If the interest rate on the card increases, the credit institution has to review that decision every six months to see if the higher rate is still warranted.

Inactivity fees on all cards are banned. However, there are still loopholes that financial companies can use to get around some of these new rules.

Cardholders are encouraged to keep an eye on their statements for fees the credit card institutions may charge to make up for the money they may lose under the new federal guidelines.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.