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Federal Reserve Announces an Online Consumer Guide to Credit Cards
The Federal Reserve Board recently launched a new interactive Web site to help consumers better understand the new credit card protections that took effect on February 22, 2010. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accounts.
The site summarizes the main provisions of the rules and explains how they will affect credit card users. Two interactive features will allow consumers to learn more about the terms and fees of credit card offers and about the new features of their monthly statements.
Information about recent changes in credit card rules forms the core of the site, but basic facts about common credit card options, interest rates, and fees are also provided.
Some of the material on the site, such as the "5-Tips" publications, is available in Spanish. The Board will continue to build the site during the coming months to include additional credit card information, features, and Spanish translations.
The Web address for the Federal Reserve's guide to credit cards will appear on the solicitations consumers receive from credit card issuers.