The government is still at work on passing the credit card holder's Bill of Rights. These would include regulations targeting unfair or deceptive practices by banks and credit card issuers. Some of these include:
- Banks can only increase a credit card's APR if the rate is a promo rate that expired, if the rate is based on an index (for instance, prime plus 3%) and the index increases, or if the customer is late or doesn't make a payment on that account. This effectively bans universal default, where a bank will increase a card's APR because you were late on paying a different card.
- Bans double cycle billing.
- Banks can't charge fees or consider you in default if your entire balance consists solely of interest that accumulated on the charges.
- Banks cannot notify credit agencies that you have a new credit account until you use or activate that account.
- Banks cannot charge fees for paying by phone or online.
http://www.google.com/hostednews/ap/article/ALeqM5h9Anyn4mQX73VkVyF1ogc2fp-XywD97LIF480