According to a recent AP article, the federal government will soon be cracking down on credit card issuers who engage in “unfair and deceptive” practices. More specifically, the proposed rules would prohibit:
1. Placing unfair time constraints on payments.
2. Unfairly allocating payments among balances with different interest rates.
3. Unfairly raising annual percentage rates on outstanding balances.
4. Levying high fees for exceeding the credit limit because of a hold placed on the account.
5. Unfairly computing balances.
6. Unfairly adding security deposits and fees for issuing credit or making credit available.
7. Making deceptive offers of credit.