Once in place credit card companies can no longer do the following:
- two-cycle billing
- raise rates if you are late on other bills
- raise rates for late payments
- raise rates during the first year
Critics are unhappy that the restrictions don't go into effect until mid-2010. Bankers probably aren't so happy that they can no longer pull these tricks. But credit unions can sit back and smugly say "We told ya so."
If you hold a Coors Credit Union credit card you don't have to wait until 2010 to get a fair deal. That because your credit union has always been honest. We don't stick you with unfair credit card practices.
So will this level the playing field between large corporate credit cards and credit unions. Maybe, but I'll be that they come up with new tricks that don't make the Feds list of no-no's. Hey they've got a year and half to think about it.