Consumer Payment Card News

Call For Action

Congressman Joe Kennedy believes card issuers are after “deadbeats”, that is unprofitable cardholders who pay off balances promptly to avoid interest. Today Kennedy will try to build support for his proposed legislation to ban targeting convenience-type cardholders with new fees. Kennedy’s proposal calls for issuers to maintain current pricing if a card is canceled, improved disclosure of interest rates and limits on over-limit fee policies. As of this morning there does not appear to be any significant support beyond consumer advocates.

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