Many of the new credit card rules part of the Credit Card Accountability Responsibility and Disclosure Act (Credit Card Act) won't go into effect until February 2010, but some lawmakers want the laws expedited. On Thursday, October 8, Congress will meet to discuss moving the effective date to December 1 of this year.
The push comes after credit card companies raised cardholders' interest rates and changed other terms, making it harder for consumers to pay their debts. Some credit cards issuers have converted fixed interest rates to variable interest rates, a move that allows card issuers to increase interest rates without giving consumers a 45-day advance notice or the opportunity to opt-out of the rate increase.
If the new law does go into effect earlier, it could mean relief for cardholders, or it could mean that banks hurry to change in terms to beat the new effective date.
What do you think? Should the credit card rules be moved up to December or left at February?
I think they are just trying to protect us by moving the date up.
If this change takes place it may have a serious impact on eCommerce retail. Many merchants will be effected weeks before the main holiday shopping season. See blog post on the impact this would have on eCommerce
http://blog.ebillme.com/index.php/ecommerce/date-change-credit-card-bill-will-hurt-retailers
I think the Feds would have left the date alone if banks hadn’t gone on a rate-hiking frenzy. I agree they’re just trying to protect consumers. Unfortunately, like you mention Sam, moving up the rules could have some drawbacks for merchants and emerchants.