Credit Card Reform is a Reality. Sort of

The credit card reform bill has been signed into law. President Obama signed it today. I applaud the law as far as it goes but, as I there’s a problem.

The good news is that the July 2010 effective date has been pulled back, but only a little. Although the 45-day notice portion of the law will kick in by mid-August, the rest of it won’t be implemented until February. Given that CitiBank, Chase and some others are already rushing into the rate jacking game, I think nine months will give the issuers plenty of time to start recovering the $10-$12 billion this is going to cost them.

Brace yourselves.