Creditnet News Story
Credit card changes that will affect consumers' everyday lives
Wednesday, June 30, 2010
By Linda McCarthy
Many consumers may be wondering just how the recent changes in the financial overhaul bill will affect them. While many of the alterations it enacts won't make the average American's life any different, there are a few notable exceptions.
If the newest version of the financial reform bill passes, consumers could see a number of changes, according to an ABC News report. For one thing, minimum credit card purchase requirements would no longer be banned by lenders, meaning that big box retailers could require consumers to buy at least a certain amount. The report said the bill would also allow colleges to set maximums on how much tuition a student can pay for with credit.
Similarly, ABC News said government agencies could limit charges, which would help limit the fees it pays to credit card companies for credit card transactions. However, the bill would also allow merchants to offer discounts to consumers who pay with cash, check or debit cards, rather than credit cards.
A report from Cathedral City, California, TV station KPSP said that the reason for these discounts from merchants is that the bill would also lower fees on debit cards.
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