Next Round of Credit Card Rules Curbs Fees

The rule also bars issuers from charging late and over-limit fees that exceed the amount of the violation. So if you pay late and your minimum payment is $20, the issuer can't charge you more than a $20 late fee. But during the last year, a number of issuers have already raised the minimum payment from 2% or 2.5% of balances to as much as 5%. So the minimum payment amount has already been substantially increased on a significant number of cardholders.

This proposed rule represents the third stage of the Credit Card Accountability Responsibility and Disclosure Act of 2009.

-- Reported by Bill Hardekopf of LowCards.com.

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