by Sundeep Kothari
New credit card rules
New credit card rules are coming. These rules ban:
_Placing unfair time constraints on payments. A payment can’t be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay.
_Placing too-high fees for exceeding the credit limit solely because of a hold placed on the account.
_Unfairly computing balances in a computing tactic known as double-cycle billing.
_Unfairly adding security deposits and fees for issuing credit or making it available.
_Making deceptive offers of credit.
Some opposed the proposed changes as unnecessary government interference. In addition, many are concerned that these rules will make it much more difficult for those with bad credit to get credit cards at subprime rates.
These changes are expected to cost the banking industry more than $10 billion per year in interest payments.
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