Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
Credit Cards
A comprehensive credit card law is now in place that will help end the tricks that trap consumers in high-cost credit card debt. You can learn more about these key rights below. Click here to see when different provisions of the law go into effect.
The new credit card law includes these consumer protections:
- Restricts all interest rate increases during the first year
- Restricts interest rate increases on existing balances
- Increases notice for rate increase on future purchases
- Preserves the ability to pay off on the old terms
- Requires fair application of payments
- Provides sensible due dates and time to pay
- Protects young consumers
- Restricts issuance fees on fee harvester cards
- Requires enhanced disclosures
- Places limits on fees and penalty interest (effective Aug. 22)
- Requires banks to review rate increase every six months (effective Aug. 22)
- Establishes gift card protections (effective Aug. 22)
Help keep us informed.
Banks will continue to come up with new practices designed to get more money out of you, so tell us what's been happening with your credit card
Click here to read a full summary of the Credit Card Legislation.
Read the Federal Reserve Board's Tips on the new Credit Card Law.
Policy and Legislation
- Summary of Fed’s Final Rule on August Provisions of CARD Act (June 17, 2010)
- CU comment to the FRB on Regulation Z proposed rule (April 13, 2010)
- Summary of Fed’s proposal for final CARD Act provisions (March 12, 2010)
- Credit Card Comments to the Federal Reserve (November 20, 2009)
- Letter to Chase about minimum payment increases (September 8, 2009)
- Video highlighting the fight in Congress over credit cards (April 7, 2009)
- Obama should prioritize credit card reform (March 24, 2009)
- Testimony on Credit Cards (HR 627) and Overdraft Fees (HR 1456) (March 19, 2009)
- Coalition endorses bill to cap interest rates (March 2, 2009)
- CU offers regulatory reform principles to the Congressional Oversight Panel (January 16, 2009)
- CU's rescue plan for the rest of us - Seven steps toward reform (January 13, 2009)
- Groups urge co-sponsorship of credit cardholders bill of rights (January 12, 2009)
- Consumers Union's agenda for the 111th Congress (January 12, 2009)
- Groups call for a consumer agenda for Congress and the new Administration (December 18, 2008)
- CU offers principles for restructuring financial regulation (December 16, 2008)
- CU calls for new agency heads to protect consumers in credit and housing (December 2, 2008)
- Letter to President-Elect Obama from Consumers Union President (November 5, 2008)
- CU: Include credit card reforms in bailout package (September 24, 2008)
- Consumer’s Union letter urging Congress to act now on credit card reform (September 5, 2008)
- Comments on proposed rule to curb unfair credit card practices (July 15, 2008)
- Consumer groups endorse credit card reform bills (March 12, 2008)
- Consumer groups seeks stronger protections for military borrowers (February 25, 2008)
- House bill takes on abusive credit card practices (February 7, 2008)
- CU urges Fed to improve credit card disclosures (August 27, 2007)
- Consumers Deserve Stronger Financial Services Protections (July 27, 2007)
- Simplify the fees, not just the disclosures (June 6, 2007)
- Fact Sheet about ID Theft (April 11, 2007)
- Abusive credit card practices come under fire (January 25, 2007)
- GAO stats and facts on credit cards (October 1, 2006)
- Credit Cards: A Call for Reform (October 1, 2006)
- Click here for a summary of some of the bills that have been introduced in Congress to protect credit card consumers. ]]>">Will Congress Protect Credit Card Consumers? (September 26, 2005)
- ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims.]]>">Groups ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims (September 12, 2005)
- CU calls for changes in credit card practices, law, and regulation (March 24, 2005)
Consumers Union News Releases
- New credit card & gift protections begin August 22 (August 17, 2010)
- Fed Issues New Credit Card Regulations to Protect Consumers (June 15, 2010)
- CU: Fed should roll back credit card rate hikes (April 14, 2010)
- Fed issues proposal to rein in credit card fees (March 4, 2010)
- New credit card protections start on February 22 (February 18, 2010)
- Fed issues final credit card regulations (January 12, 2010)
- Fed urged to stop new credit card tricks (November 20, 2009)
- Senator Dodd Unveils Discussion Draft for Financial Reform (November 13, 2009)
- CR poll: Consumers angry at credit card companies (October 6, 2009)
- New bill will make the Credit CARD Act effective December 1, 2009 (September 24, 2009)
- Credit CARD Act: Statement by Consumers Union (September 17, 2009)
- Chase bank's minimum payment policy criticized (September 9, 2009)
- Students: Beware the credit card trap on campus (August 31, 2009)
- First of Credit CARD Act Protections Take Effect (August 19, 2009)
- House approves credit card reform bill (May 20, 2009)
- Senate approves credit card reform bill (May 19, 2009)
- Credit card reform bill passes House (April 30, 2009)
- CU applauds Obama credit card proposals (April 29, 2009)
- Senate panel passes bill limiting credit-card rates (March 31, 2009)
- Groups urge House to approve credit card reform (March 31, 2009)
- Senate panel to consider landmark credit card bill (March 30, 2009)
- Bailout should include new credit card standards (November 26, 2008)
- Statement by CU on President-elect Obama’s economic team (November 24, 2008)
- CU calls for new reforms to address financial crisis (November 14, 2008)
- House passes credit card reform bill (September 23, 2008)
- House to vote on credit card reforms (September 22, 2008)
- OCC sides with banks on credit card reform (August 21, 2008)
- Congress to consider landmark credit card bill (July 28, 2008)
- New rules proposed to curb unfair bank practices (May 2, 2008)
- Senator Dodd's credit card reform bill applauded (April 30, 2008)
- Groups push Congress for credit card reforms (April 17, 2008)
- Credit cardholders send Congress a Valentine (February 14, 2008)
- Familes need help understanding college financing (July 19, 2007)
- Consumer groups back credit card reform bill (May 16, 2007)
- CU's letter to credit reporting agencies and the news release from Puerto Rico ]]>">Should Spanish speakers also enjoy the right to free credit reports? (January 18, 2006)
- Consumer groups ask questions for new Fed chair nominee (October 24, 2005)
- Credit reporting agencies reject a step to help hurricane survivors (October 6, 2005)
- Katrina aftermath: Be careful when giving to charities online (September 14, 2005)
Research and Reports
- PIRG's Student Debt Alert Project (April 9, 2009)
- Obama's bailout plan should help protect taxpayers (February 10, 2009)
- An Agenda To Close Growing Gaps In Marketplace Protections (December 18, 2008)
- New credit card protections adopted by Feds (December 18, 2008)
- Congress considers new ID theft protection (July 18, 2007)
- Another week, another identity theft scandal (May 25, 2007)
- U.S. Senate hearing exposes credit card abuses (March 6, 2007)
- CardSystems' security breach shows need for stronger safeguards (March 2, 2007)
- Real People, Real Stories (October 20, 2006)
Consumer Tips
- A Consumer's Guide to Using Credit Cards (February 19, 2010)
- What You Need to Know: New Credit Card Rules (January 25, 2010)
- Secured Credit Card Marketing Scams (June 16, 2009)
- Federal Trade Commission’s Credit & Loan Page (June 16, 2009)
- Choosing a Credit Card: the Deal is in the Disclosures (June 16, 2009)
- Credit Card Loss Protection Offers: They’re the Real Steal (June 16, 2009)
- California: How to Correct a Credit Card Billing Error (CR-8) (June 16, 2009)
- California: How to Withhold Payment on a Credit Card (CR-7) (June 16, 2009)
- Credit Card Repayment Calculator (June 16, 2009)
- Minimum Payment Estimates (June 16, 2009)
- Top 10 Credit Card Traps (June 16, 2009)
- Credit Card Facts and Stats (June 16, 2009)
- Credit Card Tips (June 16, 2009)
- CU offers credit card tips for college students (September 19, 2007)
- Credit card tips for college students (September 18, 2007)
- Paper statement fees?! What to do about this latest trick (May 14, 2010)
- Tsunami scams: Careful when giving to charities online (January 11, 2005)
Blog Posts
- Professional Cards: Watch out for this CARD Act loophole! (September 1, 2010)
- Back To School: Campus Financial Tips (August 26, 2010)
- DYD on the Rachel Maddow Show- Watch Here (August 24, 2010)
- Consumers Get New Credit Card & Gift Card Protections on August 22 (August 19, 2010)
- Final Credit Card Rules on Penalty Fees and Interest Rate Review (June 15, 2010)
- New study shows that banks don't price penalty fees for risk. (June 11, 2010)
- Still confused about the new credit card law? (June 10, 2010)
- Credit Card Terms and Conditions Now Posted Online (May 25, 2010)
- You're gonna save $5 billion in credit card and overdraft fees this year! (May 18, 2010)
- Paper statement fees?! What to do about this latest trick (May 14, 2010)
- Senate debate on financial reform heats up (May 5, 2010)
- Consumers Union Urges Fed to Require Banks to Roll Back Recent Unfair Credit Card Interest Rate Hikes (April 13, 2010)
- How To Close A Credit Card (April 7, 2010)
- Fed issues proposal for final CARD Act provisions (March 12, 2010)
- And Now A Word From Our Winner (March 10, 2010)
- Winner of the Danger of Debt Contest!! (March 2, 2010)
- Consumer Guide to Credit Cards (February 19, 2010)
- Tips for the new credit card marketplace (February 18, 2010)
- Watch Out! Here’s what’s not covered by the CARD Act (January 27, 2010)
- Watch Out! Here’s what’s not covered by the CARD Act (January 27, 2010)
- Clearing up some misconceptions about the Credit CARD Act (January 20, 2010)
- Federal Reserve Board Issues New Credit Card Regulations (January 12, 2010)
- Paper statement fees?! Credit card issuers’ latest trick (January 7, 2010)
- Dangers Of Debt Contest (January 4, 2010)
- Consumers Protest Makes National News (December 15, 2009)
- Tips Of What To Look Out Next From Credit Cards (December 9, 2009)
- The Power of Putting Your Card In Your Pocket (November 30, 2009)
- The Card Game: An Expose on Credit Cards (November 23, 2009)
- Tell the Fed Stop New Credit Card Ripoffs! (November 20, 2009)
- Credit Card Freeze Bill ... Frozen! (November 19, 2009)
- Protect Your Holiday Spending (November 11, 2009)
- Creative credit cards are a bummer (November 3, 2009)
- Move up the effective date on the CARD Act- Give the People What They Want! (October 27, 2009)
- Chase responds to CU’s request to stop messing with minimum payments. (October 15, 2009)
- Calling all creative shutter bugs! (September 15, 2009)
- Groups ask Chase to stop messing with minimum payments (September 8, 2009)
- Beware of Creditors (August 24, 2009)
- Credit Card Madness (August 20, 2009)
- Whats Going On In Your Wallet? (August 20, 2009)
- The end is near (to credit card tricks and traps that is…) (August 19, 2009)
- Chase Raises Minimum Payments On Credit Cards (June 29, 2009)
- Treasury Releases Report: Financial Regulatory Reform: A New Foundation (June 17, 2009)
- Consumer Colleague AFFIL Highlighted (June 12, 2009)
- Advanta Sign of the Times as Small Businesses Struggle (June 8, 2009)
- A Historical Look at the Credit Card (June 3, 2009)
- Deadbeats Become Target Market (June 2, 2009)
- Q&A- The Credit Card Legislation (June 1, 2009)
- Advanta Closing Down Small Business Credit Card Accounts (May 26, 2009)
- How will the credit card reforms help you? (May 25, 2009)
- When do the credit card protections go into effect? (May 22, 2009)
- Financial Literacy or Die (May 22, 2009)
- Are the Banks getting traction in their spin cycle? (May 20, 2009)
- 24 Capricorns voted YES for credit card protections (May 20, 2009)
- How will the Senate's credit card bill protect you (May 19, 2009)
- Mr. Yurkiw goes to Washington (May 19, 2009)
- Unprecedented credit card protections PASS the Senate!! (May 19, 2009)
- Colbert on Credit! (May 12, 2009)
- Bipartisan credit card protections! (May 11, 2009)
- Credit Card Reform on Colbert Tonight (May 11, 2009)
- The final votes are in!! The Credit Cardholders Bill of Rights PASSES the House! Tell the Senate to do the same. (April 30, 2009)
- Geithner kicks it up a notch on credit cards. (April 29, 2009)
- APRIL 29 – Arbitration Fairness Day (April 28, 2009)
- Credit Card Bill of Rights- Movin' on Up (April 22, 2009)
- A Bad Moon Rising for Credit Card Banks (April 20, 2009)
- Bank of America follows the pack by raising interest rates in June (April 9, 2009)
- Video about last week's successful credit card votes. (April 7, 2009)
- Summary of Pew Study on Credit Card Practices (March 30, 2009)
- It’s a big week for credit card legislation! (March 30, 2009)
- Consumer Complaints Work: JP Morgan and Chase to issue Refunds on Credit Cards (March 27, 2009)
- FSPC: Slowing The Race To The Bottom (March 13, 2009)
- Will our tax dollars be used to finance credit card debt with unfair terms and practices? (February 25, 2009)
- Congress is not giving up on credit cards (February 24, 2009)
- Don’t spend our tax money to support credit card debt with unfair terms! (January 29, 2009)
- Second Chance for Opt-In to Overdrafts! (January 26, 2009)
- Unfinished Business: What’s not in the credit card rule (January 7, 2009)
- Initial news reports on new credit card rule inaccurate (December 22, 2008)
- New rules to stop unfair credit card rate increases--eventually (December 18, 2008)
- CU’s Wish List for the New Year (December 11, 2008)
- Chairman Bernanke -- Enact credit card reforms now (December 1, 2008)
- Federal Government Should Set Standards for Taxpayer-backed Credit Card Debt (November 26, 2008)
- Bill Me Later might mean Pay Up Much More Later (October 20, 2008)
- Banks get OCC to do their dirty work. (August 21, 2008)
- Last Chance to Tell the Fed Your Credit Card Story (July 28, 2008)
- To the Grad: Words of Wisdom from Consumer Advocates (June 2, 2008)
- Tell the Fed your credit card horror story. (May 12, 2008)
- Finally some action against the worst credit card practices (May 2, 2008)
- Where are your credit card and debit card numbers? (March 24, 2008)
- Spending is not the way to save (February 22, 2008)
- Kiss Credit Card Rip-offs Goodbye! (February 4, 2008)
- Money for nothing (November 15, 2007)
- The Spooky Truth About Credit Cards (October 30, 2007)
- The Word's Out, the Freeze is on Yahoo! (February 21, 2007)
- Is Your Credit Card Company Sweet on You? (February 13, 2007)
- credit card fury (January 24, 2007)
- What is the OCC? (December 15, 2006)
- It's Always Christmas Time (for VISA) (November 20, 2006)
- Double Take on Double-Cycle Billing (October 22, 2006)
- Are You Knee Deep in Credit Card Fees? (October 19, 2006)
WHAT'S HOT
- Legislation: Summary of Fed’s Final Rule on August Provisions of CARD Act
- Research: Where’s my money: Consumer protections needed for new ways to pay
- Press Release: New credit card & gift protections begin August 22
- Press Release: Fed Issues New Credit Card Regulations to Protect Consumers
- Blog Post: Paper statement fees?! What to do about this latest trick
Tell Us Your Story!
Credit card companies are raising interest rates and lowering credit limits while happily getting bailed out with our tax dollars. Have you seen recent changes to the terms and conditions on your credit card? Tell us your story and help us stop these card companies from unfairly picking your pocket!
We want to hear from you. Your willingness to share your stories helps us pass laws to protect you and your family.Read stories from individuals who have shared their stories, like:
Brian of Gardnerville, NV
Over the past seven years, by paying his creditors on time all of the time and monitoring his spending, Brian had successfully increased his credit score from the low 600’s to a recent 705.
How to complain to the Government
Online, by mail, phone or fax... Agencies need to hear from you!
Stay informed about Credit Cards with
Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
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