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The CARD Act will not be going to the floor. However, it is essentially the same as the Credit Cardholders' Bill of Rights Act (H.R. 627).
This is a bill sponsored by Rep. Carolyn Maloney, a Democrat from New York City. It prevents credit card companies from doing a lot of activities that are very consumer unfriendly, such as increasing your interest rate if you make a late payment on a DIFFERENT credit card, or having a 25 day billing cycle to trick consumers into missing payments because they only make one payment a month (a 25 day cycle will make it so you have two billing cycles in some months).
It's a great piece of legislation, and it will probably be passed in the Senate within the next few weeks.
This is a bill sponsored by Rep. Carolyn Maloney, a Democrat from New York City. It prevents credit card companies from doing a lot of activities that are very consumer unfriendly, such as increasing your interest rate if you make a late payment on a DIFFERENT credit card, or having a 25 day billing cycle to trick consumers into missing payments because they only make one payment a month (a 25 day cycle will make it so you have two billing cycles in some months).
It's a great piece of legislation, and it will probably be passed in the Senate within the next few weeks.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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