Amadeusz Juskowiak

Credit card disclosure bills introduced

Legislation to require disclosure of credit card fees and interest rates before the cards are issued have been introduced in the Senate and House

Sen Chris Dodd DConn a cosponsor of the bill said many banks and financial institutions do not disclose all the information about terms of their cards in promotional material sent to prospective customers

By requiring card issuers to disclose the terms and conditions of their cards at the time of solicitation the legislation is intended to arm consumers with enough information to shop around for the best deal Dodd said in a statement

Reuter