Credit Card Reform Bill Passes in Senate

...and our phones are ringing off the hook. Credit.com's team of experts is working with reporters across the country to talk about the latest step toward credit card reforms.

In between calls, here are a couple of key points:

• The Senate passed this bill today with a 90-to-5 majority. Here's a bullet point list from Senator Dodd's office about what the bill includes.
• The House has already passed its version of the bill, and the two will be reconciled in committee before being sent to President Obama for final approval.
• Once the bill is signed by the President (maybe next week), the implementation process will take between nine and twelve months.
• The final bill will likely include a ban on retroactive rate increases; a process for giving cardholders six months to earn back a good interest rate; limits on fees; changes to credit card payment timing rules; the imposition of a 45-day notice period for any account changes; restrictions for young borrowers trying to get credit cards; and new gift card protections.

What do you think about the reforms so far? Are they going to help your credit card accounts?

Emily Peters – Credit.com's personal finance expert and former TransUnion credit bureau insider, Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com editor.

Comments

[jill jones]

Credit card reform has been a long time coming.
Does anyone know of any organized effort under way to stop banks from similar practices only not through credit cards?
I am speaking of other exorbitant and outrageous "fees" such as the overdraft scams where a bank or credit union will bilk hundreds or thousands of dollars from a customer's checking account over a very small overdraft.

[Gail Suttles]

Yes, I think this bill being passed will greatly help consumers. So now would be a good time to apply for a new credit card. I know of a great site to get one at. Go to http://giturdone.newcreditapplications.com They are great and will hook you up with a card that meets your needs.