Lawmakers and consumers across the country cheered the adoption of the Credit Cardholders Bill of Rights and other credit card regulations that would seek to end unfair practices on the part of credit card companies. However, several concerned cardholders have now raised the concern that the bill has only forced credit card companies to extract money from customers in trickier ways.
For example, the credit regulations prevent credit card companies from charging a fee if you go over your credit limit. However, credit card companies can still increase interest rates on transactions with a penalty rate due to a late payment, …read more

New credit card legislation won’t protect your small business.  This news comes at a time when many more small businesses are relying on credit cards to get them through cash crunches.  President Obama just signed the Credit Card Accountability Responsibility and Disclosure Act of 2009.  This legislation was passed to help consumers avoid the harsh practices of credit card companies.  The changes will be implemented by next February.  In part, the law:

Requires card companies to give prior notice of increases in APRs and prohibits applying rate increases retroactively to existing balances.
Freezes interest rate terms and fees on cancelled cards.
Imposes limits …read more