Rep. Linda Sánchez Pushes to End Unfair Credit Card Practices

Press Release

Votes for the Credit Cardholders' Bill of Rights

Rep. Linda Sánchez (D-CA), today pushed and voted for the "Credit Cardholders' Bill of Rights Act," (H.R. 627), which provides crucial protections against unfair - and until now - common credit card practices.
"In this economy, as more people are out of work, we cannot tolerate abusive and unfair practices by credit card companies that exploit hard-working families," said Rep. Linda Sánchez. "In response to continual increases in interest rates and fees, Congress is cracking down to level the playing field between credit card companies and consumers."

This bill will help protect American consumers by banning retroactive rate hikes on existing balances, increasing advance notice of future rate increases, and giving cardholders more control over their credit limits. It also prohibits charging fees just to pay a bill by phone, charging over-the-limit fees unless a consumer opts-in in advance or issuing credits cards to minors. It will abolish industry abuses that are deceptive and anti-competitive.

"As hard times hit our neighborhoods, families may depend on credit cards to pay an electric bill, the weekly trip to the grocery store, or fill up their gas tank to get to work," continued Sánchez. "I am proud we are ending these unconscionable practices today and giving cardholders the information and rights they deserve to make decisions about their own credit."

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