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............>>>>.............>>>>.................http://www.dailygazette.net/De.....r01503&AppName=1
Starting Monday, many practices that have been standard at credit card companies will be prohibited.
    Changes include:
    Limits on interest rate hikes during the first year.
    The interest rate on a new credit card cannot be increased during the first year, unless it’s a variable rate card, the introductory rate expires after six months or the cardholder is more than 60 days late making a minimum payment.
    Limits on retroactive interest rate hikes.
    If a credit card company does raise the interest rate, the new rate will only apply to new charges, not the existing balance, unless it’s a variable rate card, the introductory rate expires after six months or the cardholder is more than 60 days late making a minimum payment.
    Limits on penalty interest rate hikes.
    If the interest rate goes up because a customer is more than 60 days late in making a minimum payment, the old interest rate must by restored if the customer makes all their payments on time during the first six months after the rate increase.
    Additional notice of change of terms.
    After the first year, credit card companies must give 45 days notice before they can increase the interest rate, change certain fees or make other significant changes to the terms of a card.
    Restrictions on over-the-limit fees.
    Over-the-limit fees cannot be charged unless the credit card company obtains the cardholders’ consent to proceed with over-thelimit transactions. If the cardholder opts to proceed with over-the-limit transactions, over-the-limit fees can be imposed only once per billing cycle.
    Ban on double-cyle billing.
    The law prohibits credit card issuers from calculating interest charges based on balances associated with the previous billing cycle.
    Elimination of universal default.
    Credit card companies are prohibited from changing interest rates and terms for reasons unrelated to a customer’s payment history with the company.
    Clearer due date and time.
    Payments must be made on the same day each month. If the due date falls on a weekend or holiday, no late penalty can be assessed if the payment is received the next business day. Payments received by 5 p.m. must be credited the same day.
    Information about all the changes is available at the New York State Consumer Protection Board website, http://www.nysconsumer.gov. Consumers can also call the agency’s toll free hotline, 1-800-697-1220, to ask questions, or e-mail the CPB at creditcardstory@consumer. state.ny.us.

why dont we just get rid of them all together......dont pay taxes and throw out the credit cards........that would be interesting......

Any credit card company that raises the interest rate or starts charging yearly/monthly fees when all previous payments have been paid on time will result in immediate cancellation of said card permanently.

the banks had a year to plan these new rules. EVERYONE'S credit card interest rates have already skyrocketed. The cost for businesses accepting credit cards have skyrocketed. So these banks made a nice cushion 'in advance' for these so called new rules.

And as far as I'm concerned, each and every person is responsible for how much they charge. The banks have rules and always did. Noone got a credit card out of a vacuum.

FOLLOW THE RULES SET FORTH BY THE BANKING INSTITUTION AND PAY YOUR BILL ON TIME!!!
If ya don't like that bank's rules....look for another.

Is it really that difficult to understand?

here's an idea.....stop paying them and the government wont be able to collect the 'fees/taxes' on the companies either-----we all know they are in bed together......

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here's an idea.....stop paying them and the government wont be able to collect the 'fees/taxes' on the companies either-----we all know they are in bed together......

YOU create the debt....YOU pay it!!