Would a Credit Card Bill of Rights Ultimately Help or Harm Consumers?

• “Help”

  

  “Cardholders Would Not Pay Interest on Debt Already Paid Off”

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Cardholders Would Not Pay Interest on Debt Already Paid Off

Consumer Federation of America

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The Act would ban credit card companies from charging interest on balances repaid during the grace period.  Currently, under the practice of double-cycle billing, credit card companies can assess finance charges on balances paid off the previous month. 

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"Help" CFA

• Act Would End Bait and Switch Contract Clauses
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• Cardholders Would Not Pay Interest on Debt Already Paid Off
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• Issuers Would Have to Fairly Apply Payments to Card Balances
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• Prohibits Retroactive Application of Rate Hikes for Consumers
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• Act Curbs Late-Fee “Gotcha” Tricks
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"Harm" AFSA

• Policymakers Need to Look at the Big Picture
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• The Right Numbers Tell a Different Story
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• Price Controls are Not the Way to Go
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• Risked-Based Pricing Benefits the Customer
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"Harm" CEI

• The Market Provides Abundant Choices
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• The Poor—and Those With Bad Credit—Would Suffer Most
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• Deregulation Provides the Best Path to a Better Consumer Experience
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Do We Need Credit Card Rights?

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