Live Chat at 2:00 Today: How Credit Card Reform Helps You
"We are shifting the balance of power back to the consumer and we are holding the credit card companies accountable." -- President Obama
Today, the credit card reform bill that President Obama signed into law last year kicks in.
To hear more about how the new changes help consumers, Austan Goolsbee of the President's Council of Economic Advisers is holding a live online video chat on CreditCards.com at 2:00 p.m. Eastern today.
You can join the chat and send in your questions on credit card reform here.
Buy cheap Cialis Online href="http://www.reuters.com/article/idUSN2215693420100222?type=marketsNewshttp://www.reuters.com/article/idUSN2215693420100222?type=marketsNews" >Reuters reported:
The implementation of rules from the U.S. credit card act, signed into law in May, will help cardholders understand how much their credit cards cost to use, President Barack Obama and U.S. Treasury Secretary Timothy Geithner said in statements.
The rules restrict credit-card issuers such as Bank of America Corp and JPMorgan Chase & Co from raising rates on borrowers that are late with their payments. They also prevent card companies from charging over-limit fees, unless customers have previously given the companies permission to process transactions that would take their accounts over the limit.
"For too long, credit card companies have had free rein to employ deceptive, unfair tactics that hit responsible consumers with unreasonable costs," the president said in a statement.
"But today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable," he added.