New Credit Card Restrictions Take Effect
(CNN Money) — New rules designed to protect credit card users from “unreasonable late payment and other penalty fees” come into force Sunday as a result of legislation passed last year. The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations.
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