WASHINGTON – Congress cracks down again on credit card companies.
Lawmakers have already approved a law to limit credit card companies’ ability to change interest rates.
The law is scheduled to take effect in February.
But now several legislators want to move it up to December.
They say too many companies are raising their rates and fees now, ahead of the deadline, to take full advantage of the consumer before it’s too late.
Rep. Carolyn Maloney (D), N.Y. says, "The abuses by some in the industry which led congress to pass my original legislation have only increased since the bill's signing."
Many credit card companies are fighting the new deadline. Executives say they fear their infrastructure and systems won’t be ready to handle all of the new requirements by December.
In compliance with the new regulations, Chase Bank released their new Blueprint Card which allows consumers to make smaller purchases like groceries, gas, or entertainment interest free if they pay their bill every month. At the same time, larger purchases would still accumulate interest.
Other credit card companies are designing similar programs to compete in the new era.
