Congress may fast track new credit card relief - Spokane, North Idaho News & Weather KHQ.com

Congress may fast track new credit card relief

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WASHINGTON. - Lawmakers are taking another swipe at the credit card industry.

Representative Carolyn Maloney is looking to speed up enforcement of a new law that would limit a credit card company's ability to change interest rates.

It was supposed to take effect in February, but some lawmakers want to move the date to December because many companies are raising their rates and fees now, ahead of the deadline.

"The abuses by some in the industry which led Congress to pass my original legislation have only increased since the bill's signing," Rep. Maloney said.

As the battle between Congress and the credit card companies intensifies, there is also a noticeable shift in the industry.

The Blueprint card from Chase allows consumers to determine the types of everyday purchases, like groceries, gas, or entertainment, that they want to pay off every month interest free, even while accumulating interest on other "big-ticket items".

Others in the industry have announced similar programs aimed at helping customers manage their spending.

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They're worried they can't have the infrastructure or system in place to handle all of the new requirements if lawmakers move the deadline up to December or even January.

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