Carnival of Debt Reduction #193: New Credit Card Rules Edition

New Credit Card Rules Edition

Welcome to the 193rd edition of the Carnival of Debt Reduction. Considering the recent rule changes we’ve seen enacted for the credit card industry, I thought that would make a good theme for this carnival. The carnival features a section of articles related to the new credit card rules, as well as lists some of the highlights from the new legislation. Thanks to the WSJ’s Washington Wire for the list.

Best of the Best Debt Reduction

Existing balances: Issuers cannot retroactively change the rate on an existing balance unless the account is 60 days delinquent.

Payments: A consumer payment above the minimum applies first to the balance with the highest rate.

More Debt Reduction

Teaser rates: Issuers cannot raise rates for the first year after an account opened. Promotional rates must last at least six months.

Bills: Issuers must send a bill 21 days before the due date.

About the Credit Card Industry Changes

Over limit: Issuers cannot charge over-limit fees on credit cards unless the consumer has signed up to allow such transactions.

Minors: For consumers under 21 years old, a company must get the signature of a parent or another to take responsibility for the debt, or it must obtain proof that the under-21 consumer can repay credit.

General Finance Advice That Might Help You Reduce Your Debts

Disclosure: Cardholders must get 45 days notice of change in terms.

Fees: Issuers cannot charge fees to pay by mail, phone, and electronic transfer or online, except for expedited service.

Gift cards: All gift cards must have at least a five-year life.

A big thanks to everyone who participated in this week’s Carnival of Debt Reduction. If you’d like to participate in the future or possibly host it yourself, be sure and head over to the carnival website.

Last Edited: May 19, 2015 @ 9:04 am The content of is for general information purposes only and does not constitute professional advice. Visitors to should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, FinCon CEO, and husband and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.


  1. Nicely done my friend, and a theme where we could learn something! Gotta love those credit cards…

  2. Thanks for hosting and giving us a run-down of the credit card rules!

  3. Thanks for hosting. 🙂

  4. Thanks very much for hosting this week!

  5. Credit Card Guru says:

    The credit card companies will always find a loop hole to get more money off of credit card holders. They are too smart and financially backed, they will find a way.

  6. Excellent carnival! Interesting theme you have, and a great way to tie it into this carnival about debt.

  7. Great theme! We’ve been following the credit card bill closely at the organization I work for, you can see lots of coverage over at our blog. We also have info on the lots of other bills in the works which will make it easier for people to manage their finances.