WASHINGTON (AP) - Legislation to rein in credit card practices
and eliminate sudden rate hikes and late fees is closer to becoming
The House bill, which comes to a vote today, would prohibit
so-called double-cycle billing and retroactive rate hikes and ban
the issuance of credit cards to people under 18. If approved, it
would take effect a year later.
Another requirement in the bill, that customers receive 45 days
notice before their interest rates are increased, would go into
effect in 90 days.
Double-cycle billing eliminates the interest-free period for
consumers who move from paying the full balance monthly to carrying
The House measure, dubbed the "Credit Card Holders' Bill of
Rights," is expected to get bipartisan support and swift passage.
Prospects for a similar measure in the Senate also appear