We wrote a bunch of stuff a few months ago on the federal overhaul of credit card rules. Today, those changes take hold.
Basically, the companies have to detail when they plan to raise rates or fees with a 45 day heads-ups before they make any changes. There also new rules on fees and costs.
From the Fed site: "No interest rate increases for the first year. Your credit card company cannot increase your rate for the first 12 months after you open an account."
Exceptions include if there's an introductory rate it must be in place for at least six months but "after that your rate can revert to the 'go-to' rate the company disclosed when you got the card."
We tapped into a lot of frustration when the changes were announced and the credit card companies started jacking up rates and altering terms before the new rules took effect. You can read some of those responses on the map below.
We're still looking for stories of credit card terms and changes. We're also interested in whether anyone thinks the law ultimately is a good thing or not for consumers and how it might change how you use credit cards.
Post something below.
New laws and regulations often make for good headlines, but the realities are that banks versus the regulators is a game of chess. One makes a move and the other makes a countermove.
We are the pawns.
John, thanks. Given how the credit card companies responded in the months leading up to the rule changes, your point's well taken. Caveat emptor remains the best approach for credit cards and pretty much every other transaction.
Paull / MinnEcon