A primer on the new credit card rules
We wrote a bunch of stuff a few months ago on the federal overhaul of credit card rules. Today, those changes take hold.
We've been looking around this morning for the best summary and found a good one at the Federal Reserve site.
Basically, the companies have to detail when they plan to raise rates or fees with a 45 day heads-ups before they make any changes. There also new rules on fees and costs.
From the Fed site: "No interest rate increases for the first year. Your credit card company cannot increase your rate for the first 12 months after you open an account."
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
Exceptions include if there's an introductory rate it must be in place for at least six months but "after that your rate can revert to the 'go-to' rate the company disclosed when you got the card."
We tapped into a lot of frustration when the changes were announced and the credit card companies started jacking up rates and altering terms before the new rules took effect. You can read some of those responses on the map below.
We're still looking for stories of credit card terms and changes. We're also interested in whether anyone thinks the law ultimately is a good thing or not for consumers and how it might change how you use credit cards.
Post something below.
You can also use this handy form or contact me directly.