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1)
Credit card companies may not unilaterally change
the price, terms and conditions during the credit card
agreement period. Revised
pricing is prohibited and consumers are protected from rate
increases on existing balances for any reason.
2)
Accounting should be straightforward and fair to
the consumer.
3)
Credit card underwriting must consider the
borrower’s ability to repay.
4)
Binding arbitration is a violation of consumers’
rights to due process and is prohibited.
5)
Fees must relate to the cost of providing credit
services.
6)
Interest rates may be priced according to risk, but
must be conscionable.
7)
Billing procedures must be fair with the benefit of
doubt given to the consumer, i.e., accept the postmarked
date as proof of on-time payments with no arbitrary cutoff
time on the due date.
The billing cycle must be consistent and preferably
30 days.
8)
Minimum balance payments must be sufficient to
reduce the principle and an explanation should be provided
of how long and at what cost repayment of the existing
balance will take if no further charges are made.
9)
If the company approves charges above the
credit limit, then an over limit penalty may not be
charged without first granting the borrower an opportunity
to lower the balance.
10)
Consumers have a right to clear, simple and
understandable explanation on the full cost, terms and
conditions for credit cards.
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