I'm fair and balanced, if something good comes out of this God-forsaken administration I'll be the first to state it. And so I'll state this Credit Card Bill seems to me to be a good move. Credit card companies need to make money legitimately, not simply off of unethical business practices. The bill passed almost unanimously - and here's what it covers:
Here are the major elements of Senate credit-card bill, just passed by the Senate and likely to be adopted by House.
Existing balances: Issuers cannot retroactively change the rate on an existing balance unless the account is 60 days delinquent.
Payments: A consumer payment above the minimum applies first to the balance with the highest rate.
Teaser rates: Issuers cannot raise rates for the first year after an account opened. Promotional rates must last at least six months.
Bills: Issuers must send a bill 21 days before the due date.
Over limit: Issuers cannot charge over-limit fees on credit cards unless the consumer has signed up to allow such transactions.
Minors: For consumers under 21 years old, a company must get the signature of a parent or another to take responsibility for the debt, or it must obtain proof that the under-21 consumer can repay credit.
Disclosure: Cardholders must get 45 days notice of change in terms.
Fees: Issuers cannot charge fees to pay by mail, phone, and electronic transfer or online, except for expedited service.
Gift cards: All gift cards must have at least a five-year life.
You would think we wouldn't need a bill for some of these things, but at least something is being done about some of these shifty practices.
Meanwhile, Obama calls for strict MPG regulations on future vehicles by 2016.....but when will we figure out that we could create a 200 MPG vehicle but the gasoline companies will meanwhile just be raising gas prices to compensate themselves? What difference does a 20mpg vehicle at $2.25 a gallon make, vs. a 40mpg vehicle paying $4.50 a gallon for gas?
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