Stop Predatory Credit Card Practices

This petition is to enforce standardized credit card practices that protect consumers from predatory credit card practices. We demand that credit card lending practices be amended. Credit card companies should have billing cycles of no less than once per month on a given date of that month. Credit card companies should not be allowed to change the terms of the credit agreement more than once every six months including the interest rate. Credit card consumers should be protected against charges applied to their credit cards after the account has been closed. Consumers should have the right to tell credit card companies not to allow charges over the credit limit so they can prevent the over-the-limit charges. Interest rates should have a reasonable cap. Some credit card companies are currently charging 31% or more in addition to late fees and over the limit charges. Credit card companies should be required to accept payments from other credit cards protecting consumers from being trapped into a higher interest rate when a lower one is available to them. When credit card terms change, companies should be required to provide an example in monetary terms of what that change will look like. Credit card companies earned over $7.3 BILLION dollars in late fees alone last year. Late fees increased to cover 58% of card holders. Everyone is speaking to foolish spending but 20-day billing cycles and predatory credit card companies are simply taking advantage of those less educated.