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Public Affairs
Connections - Safe Credit Card Standards
The Pew Charitable Trusts' Safe Credit Cards Project has issued a set of safe credit card standards (12 pages, PDF) designed to both protect consumers and preserve banks' ability to manage risk when extending credit. Citing data which shows that between 2007 and 2008 credit card issuers raised interest rates on nearly a quarter of credit card accounts using practices the Federal Reserve has deemed unfair and deceptive, the guidelines seek to ensure that cardholders are charged only the interest rates they agreed to pay and have sufficient time to review and pay their bills, that fees are imposed responsibly and in a transparent fashion, and that interest is not charged on balances cardholders have already paid.
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