Credit Card Compliance

Ok, so this isn’t about you complying with credit cards.  Rather, its about how the credit card companies are complying with the new rules. As a student who just paid off last month’s bill, making sure that the credit card companies are following the rules seems important to me.  Last week, WSJ had a blog post about it.

The House recently passed a bill called the “Credit Cardholders Bill of Rights.” When the bill was being debated, not a single credit card company fully complied. (Scary.)

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Here’s the breakdown from BillShrink:

1. No more universal default: American Express (14 cards), Capital One (14 cards), Citi (14 cards), Discover (5 cards), Wells Fargo (5 cards)

2. Sufficient time to pay bill: Capital One (14 cards), Discover (5 cards), First Premier Bank (3 cards), Pulaski Bank (1 cards), Wells Fargo (5 cards)

3. Protection against arbitrary rate increases: none yet

4. Proper and timely notification of rate increases: Bank of America (41 cards), Citi (14 cards), Discover (5 cards), HSBC (3 cards), Wells Fargo (5 cards)

5. Fair allocation of payments: none yet

6. Right to set limits on credit: American Express (14 cards), Capital One (14 cards), Citi (14 cards), Discover (5 cards), First National Bank of Omaha (8 cards), U.S. Bank (13 cards)

7. No more double-cycle billing: Bank of America (41 cards), Capital One (14 cards), Citi (14 cards), First National Bank of Omaha (8 cards), First Premier Bank (3 cards), Pulaski Bank (1 cards), U.S. Bank (13 cards), Wells Fargo (5 cards)

8. Protection from due date gimmicks: Bank of America (41 cards), Capital One (14 cards), Citi (14 cards), Discover (5 cards), First National Bank of Omaha (8 cards), HSBC (3 cards), Orchard Bank (2 cards), U.S. Bank (13 cards), Wells Fargo (5 cards)

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