The Federal Reserve has proposed a rule that would limit penalty credit card fees - those fees that are imposed when you default on your credit card, e.g. miss a payment. Right now, credit card companies are charging the maximum penalty fee to the majority of their customers. If it's passed by Congress, the new rule could end that practice.
The rule would stop credit card companies from charing fees that are more than the violation. For example, if you go over your limit by $5, your maximum over-the-limit fee would be $5. The rule would stop inactivity fees and prevent cardholders from being charged multiple times for one violation.
You can let the Federal Reserve know what you think about the proposed rule by commenting at their website. Make sure you leave a comment for R-1584.
excellent job for the first time by obama govt. this is called a real service oriented work by a govt. it should include the banks too who charge $ 35 even if it is .05 cent overlimit your account and I am a victim of it hundreds of time.
The credit card companies are very powerful, I will believe this when I see it. Unfortunately, the lobbyists are very powerful and money talks in our society and government.
I think credit card companies prey on their customers with their fine print. The fees are hidden in the contracts and you don’t realize it until they hit you with a charge.