Report
May 10, 2011
After passage of landmark credit card reform, interest rates and fees have stabilized. Credit card holders are seeing stabilized interest rates, the elimination of overlimit penalty charges, a reduction in late fees charged by banks and minimal changes in annual fees since the Credit CARD Act of 2009 took effect. More info| Summary | Type |
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U.S. Households at Risk from Business Credit CardsNick Bourke, director of the Pew Health Group's Safe Credit Cards Project, explains that practices outlawed under the Credit CARD Act of 2009 remain widespread on less-regulated card products marketed to millions of American households every month. More info |
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Two Steps ForwardThis report presents findings of the Pew Health Group’s most recent assessment of the credit card marketplace, based on data collected in March 2010. More info |
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Taking Charge (Spring 2010 Trust Magazine article)The Pew Charitable Trusts began work to protect Americans from the credit cards’ most perilous provisions. That effort culminated in May of 2009 with the passage and presidential signature of the first major credit-card reform ever. More info |
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Still WaitingThis report presents Pew’s findings about the state of the credit card market on the eve of significant new federal regulations designed to eliminate unfair or deceptive practices and foster safer and more transparent products. More info |
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Safe Credit Cards on the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009Pew Safe Credit Cards Project Manager Nick Bourke discusses impact of The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. More info |
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Safe Credit Card StandardsCredit card companies have powers unique in the world of retail lending. After a consumer has agreed to the terms of a credit card account and used the card to make purchases or obtain cash advances, the card issuer may lawfully rewrite the agreement or demand a higher rate of interest, even on funds previously advanced. In a one-year period between 2007 and 2008, issuers used these powers to raise interest rates on nearly one quarter of cardholder accounts. More info |
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Safe Credit Card Project Regulatory Comment:In October 2008, the Pew Safe Credit Cards Project shared comments (PDF) based on its recent work on credit cards with the Federal Reserve. Select findings from the project—including information on credit card penalty re-pricing and analysis of credit cards in the market—were included. More info |
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Regulatory Comment on Credit Card Disclosure RequirementsThe Pew Safe Credit Cards Project submitted comments (PDF) to the Federal Reserve Board regarding the Board’s latest proposed rulemaking under Regulation Z (Docket No. R—1370). The rules implement provisions of the Credit CARD Act of 2009 that are effective February 22, 2010. Pew’s comments focused on clarifying the rights of consumers in a credit card contract and increased responsibility for and disclosure from credit card issuers. More info |
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Regulatory Comment on Credit CARD Act Rule: Advanced Notice and Cancel RequirementsThe Pew Safe Credit Cards Project submitted comments (PDF) to the Federal Reserve Board regarding the Board’s interim final rules under Regulation Z (Docket No. R-1364). The rules cover advance notice and right to cancel requirements under the Credit CARD Act of 2009. Pew’s comments focused on a number of exceptions the Board proposed, which could allow issuers to raise interest rates, change minimum required payment levels and impose potentially large deferred interest charges with little or no advance warning. More info |
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Regulatory Comment on Credit CARD Act Reasonable and Proportional RuleThe Pew Safe Credit Cards Project submitted comments to the Federal Reserve Board in regard to rulemaking under the Credit CARD Act of 2009. These comments focused specifically on the law’s requirement that penalty fees and charges must be reasonable and proportional to related cardholder omissions or violations. More info |
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Moving Towards Safer Credit CardsOn February 22, major new consumer protections took effect as part of the second implementation phase of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. Just two practices addressed in this second phase will save American consumers at least $10 billion a year. The Pew Health Group's Safe Credit Cards Project is looking ahead to the third and final phase of the Credit CARD Act, to take effect August 22, 2010, which will require all credit card penalties to be “reasonable and proportional” and will direct card issuers to review all interest rate increases since the beginning of 2009. More info |
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Federal Reserve Issues Final Rules on Gift CardsThe Federal Reserve Board issued its Regulation E Final Rule on gift cards as required by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. The Pew Safe Credit Cards Project submitted a letter to the Federal Reserve during its proposed rule comment period requesting that the Fed consider limiting the amount of any such monthly fee. More info |
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Curing Credit Card PenaltiesCongress is set to enact new legislation that will make credit cards safer and more fair for consumers. As lawmakers negotiate final details before President Obama can sign the bill, new analysis from the Pew Health Group highlights the importance of a safeguard found only in the Senate’s version of the law. More info |
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Comments Submitted to the Federal Reserve by the Pew Safe Credit Cards Project (Regulation Z, Reasonable and Proportional Penalty Charges and Other Rules Under the Credit CARD Act of 2009)The Pew Health Group’s Safe Credit Cards Project submitted comments to the Federal Reserve Board regarding the Board’s proposed rules under Regulation Z (Docket No. R-1384). The rules cover “reasonable and proportional” penalty charges and other requirements under the Credit CARD Act of 2009. More info |
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Business Credit Cards Place U.S. Households at RiskEvery month, millions of consumers receive offers for business credit cards which are not protected by Credit CARD Act safeguards. The large number of solicitations for less-regulated cards place American families at risk. More info |
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Every month, millions of consumers receive offers for business credit cards which are not protected by Credit CARD Act safeguards.
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