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Credit card reform

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Credit card reform includes legislation and other measures intended to protect consumers from unscrupulous practices from credit card companies.

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The Credit CARD Act of 2009 enacted by the U.S. federal government began to take effect across the United States in February 2010. The federal legislation included credit card reform measures such as prohibition of universal default, requiring minimum time limit for certain promotional interest rates, and restriction of some credit card fees.[1]

The reforms also set rules on credit card payment processing and what is reported in billing statements. The reform measures also restrict access to credit to individuals under the age of 21. [2]


  1. http://www.washingtonpost.com/wp-dyn/content/article/2010/02/19/AR2010021905952.html
  2. http://www.washingtonpost.com/wp-dyn/content/article/2010/02/19/AR2010021905952.html

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