Special Reports

The new credit card law provides the following protections: Restricts all interest rate increases during the first year Stops credit card issuers from raising interest rates in the first year after a credit card account is opened, except: When the increase varies under a variable interest rate. At the end of the promised time period for a promotional rate. For example, the issuer can offer 3% for six months and then 12% after that. (The promotional period must be at least 6 months.) If the required minimum payment is not received within 60 days after the due date.