House Approves Credit Card Bill
Friday, Bank Info Security posted an article – House Approves Credit Card Bill. This isn’t exactly news; it’s been all over the press. On the surface, you might think the Credit Cardholders’ Bill of Rights is a good thing. It could be but…
As we reported at Merchant911 back in January, there is a problem. If passed by the Senate and signed by Obama (and he’s indicated that he will) the law won’t go into effect until July of 2010. That is bad news for cardholders. According to most reports, the banking industry will loose between USD $10 and $12 billion a year when the law kicks in.
If you were in business and were assured of a significant loss of revenue in 2010, would you start making up that loss now? You bet you would; especially if you had the shady business practices of the card issuing banks. In fact, Chase Bank is already doing just that and so are some lesser known issuers.
Cardholder911 supports the efforts of ChangeinTerms.com. I encourage you to do so as well. In the course of history, a lot of things have been changed by grass roots efforts like this. Maybe this will be another.
