Tell the Fed your credit card horror story.

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By Consumers Union on Monday, May 12th, 2008

If something unfair has happened to you with your credit card, now is the time to tell the Federal Reserve Board about it. The Federal Reserve Board and two other agencies have issued a proposed rule that would restrict some of the most unfair credit card tricks and traps. If this proposal is adopted, it will stop some of the most outrageous credit card practices, such as bumping up your interest rate because you are a few days late on the credit card. The story of your bad credit card experience can help to make sure that this new rule is finalized in a strong form.

Tell the Fed what has happened to you, and what you think of a new regulation to stop some of the unfair practices that credit card companies now use.

Let’s take advantage of this great opportunity to get some substantial credit card protections for consumers!

As I mentioned last week, the Federal Reserve Board and two other federal banking agencies have released a proposed rule that will reform some of the most unfair credit card tricks. The newly proposed rule finally offers some real protections against specific unfair and deceptive practices, not just more disclosure. If this proposal is adopted, it will stop some of the most outrageous credit card practices, bumping up your credit card interest rate because your credit score went down even if you were never late on your credit card, or giving you too short a time to pay the bill and then charging you a late fee.

Putting your personal story into the Federal Reserve Board’s comment process can help to ensure that this rule is adopted, and that the Fed hears about all types of unfair credit card practices. Your comments have to be filed between now and late July 2008.

We have until August 4, 2008 to flood the Fed with comments on the proposal about unfair credit card practices. Tell the Federal Reserve Board about all those times when you’ve been subject to an unfair action by your credit card company.

Have you received your credit card bill, only to realize that that it was due so soon that you have to pay it right away?

Have you transferred a balance because of an amazingly low promotional interest rate, only to have your rate skyrocket on new purchases that can’t be paid off until the low rate balance is repaid?

Do you think it’s unfair when your credit card company suddenly decides to apply a new, higher interest rate to an old balance? Has your credit card company raised the rate on money you’ve already borrowed for no reason or for a flimsy reason?

This is a chance for you and your family and friends to tell the Fed that you think these practices are unfair!

Submit a comment. The official name of the rule is Regulation AA – Unfair or Deceptive Acts or Practices.
Include the Docket number [R-1314] to be sure that the Federal Reserve Board sees your comments.

To file your comments:

-use our Consumers Union site, www.creditcardreform.org, and we’ll send in your comment.

– online go to http://www.federalreserve.gov/generalinfo/foia/proposedregs.cfm., scroll down to Regulation AA -Unfair or Deceptive Acts or Practices.

– by e-mail to regs.comments@federalreserve.gov. Include Docket No. R-1314 in the subject line.

– by fax to (202)452-3819 or (202) 452-3102. Identify your comment by including Docket No. R-1314 on the top of your letter.

– by regular mail to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave, NW, Washington DC 20551. Identify your comment by including Docket No. R-1314 on the top of your letter.

The comments you submit will be made available to the public, so don’t include your account number. You can also leave out your street address if you prefer, though you should include your city.

Let’s take advantage of this great opportunity to get some substantial credit card protections against unfair practices for consumers!

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