Excerpt
Update 5/19/09: The Senate passes the Credit Card Bill of Rights [The Washington Post]
Now ubiquitous, the credit card made its first appearance in 1950, when Diners Club introduced a charge card that allowed its customers to purchase meals at participating restaurants and pay when they received their bill. General-purpose bank credit cards, accepted by many different merchants, soon followed. These gave customers the option of maintaining a revolving balance — meaning that they didn’t have to pay their bills in full at the end of each cycle but risked accumulating finance charges.
Credit card regulat…
In This Issue
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Foreword
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Credit Card Market Overview
Industry Trends and Pricing Issues
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Federal Rule on Credit Card Practices
Highlights of Scheduled Changes
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Bill Summary
Major Provisions of the Credit Cardholders' Bill of Rights Act
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Legislative Background
Recent Action on Credit Card Reform
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Pro & Con
Should the House Pass H.R. 627, the Credit Cardholders' Bill of Rights?
