Tell the Feds; No More Unfair Credit Card Tricks before Monday...

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The Federal Reserve Board and two other federal banking agencies have released a proposed rule that aims to reform some of the most unfair credit card tricks.

But this important new rule of fair play is just a proposal.  The banks are fighting hard to weaken the rule before it becomes final.

Guests: Sarah Byrnes from Americans For Fairness in Lending ( and

Ira Rheingold, Executive Director and General Counsel for National Association of Consumer Advocates

discuss their collaborative effort calling for re-regulation of abusive credit and lending industry practices. Find out what you can do to help -and what "tricks and traps" to beware of!

Abusive lending practices are hurting Americans.

Credit card contracts are packed with fine print tricks and traps to increase the likelihood of paying fees and penalties!

Have you received your credit card bill, only to realize that that it was due so soon that you have to pay it right away?

Has your credit card company raised the rate on money you've already borrowed for no reason or for a flimsy reason?

These are just a couple of the many unfair rules that credit card companies created and insist you play by. When those who profit also write the rules, the cards are often stacked against us.  It's time to play fair...Don't let the banks win!

Please Tell the Feds about your experiences Before Monday!

Go to

Learn more about the proposed rules and fill out a simple form here to send an e-mail to the Federal Reserve Board sharing your opinion or experience with unfair credit card practices. 

 Take Action now -before the comment period closes on Monday! 

The proposed rule includes these important credit card reforms:

  • Gives you more time to pay. A payment can't be treated as late for fees or negative credit reporting unless the bill was mailed or delivered to you at least 21 days before the due date.  This helps end card companies' ever-shrinking repayment periods.
  • Ends tricks that increase your finance charges. Card companies routinely require you to pay off low-interest balances (like transfer balances at teaser rates) before  allowing you to touch higher-interest debt (like new purchases). That's never in your best interest. The rule requires that your payments must be allocated to give you the full benefit of a discounted promotional rate.
  • Prohibits rate increases on your existing balance. Today, when a card company jacks up your interest rate, for whatever reason, it applies that rate hike to your current balance. Under the new rule, rate increases can be applied to your prior balance only if you have a variable rate card, your promotional rate expires or is lost, or you pay your bill more than 30 days late.
  • Eliminates hidden interest charges. Today, some card companies charge interest even on debt repaid during the grace period. The proposed rule would end that.

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