You'll see a lot of news stories today about the credit card bill just passed by the U.S. Senate. Here are the changes you'll actually see in your statements, assuming it becomes law.


Photo by Brett L..

Consumer Reports' Money blog runs down both the big picture and granular changes enforced by the bill, which generally seeks to cut back on unforeseen and unannounced fees and agreement changes. Here's a few of the items that you'll want to take note of, especially if you're signing up for a new card any time soon:

Bills can be paid online or over the phone without incurring a processing fee.

Customers must be over 60 days late on payments before their interest rate can be raised on balances; if the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.

Overlimit fees can't be charged unless cardholders are told that the purchase will put them over their limit and they authorize it to go through anyway.

If your card has more than one interest rate on balances, then payments must be applied to the highest interest rate first.


The full breakdown resides at Consumer Reports' post, but that first item, especially, is worth noting for the future; a certain Lifehacker editor's card issuer charges $15 to pay by phone, even through an automated system, leaving him with the occasional Hobson's choice of fee vs. late payment.

If President Obama signs off on the compromise bill between the House and Senate versions, the changes would go into effect nine months from the signing. Glad to see the new laws? Still waiting on other reforms? You've got the floor in the comments.

Senate passes credit card reform: What's in it for consumers [Consumer Reports Money Blog]