H.R. 1461, the Credit CARD Act of 2007 and S. 1935, the Stop Unfair Practices in Credit Cards Act or SUPCCA has been introduced.
Most significantly, the Senate bill will:
* For consumers not in default, prohibit credit card companies from unilaterally raising the interest rate disclosed at the time a consumer enters into a credit unless the consumer agrees in writing
* For consumers in default, limit the interest rate increase the credit card may charge (called the "penalty rate") to no more than 7% greater than the rate before the default
* Allow interest rate increases to apply only to future purchases, not existing balances on a credit card
* Prohibit credit card companies from charging interest on fees they assessed on their customers
* Allow credit card companies to impose only one over-limit fee if the company allows the customer to exceed the card limit
* Prohibit credit card companies from charging a fee to pay a balance in full