Taking aim at unfair and deceptive credit card practices, aggressive billing tactics and exorbitant fees, Tampa Bay area Congresswoman Kathy Castor today helped pass the Credit Cardholders’ Bill of Rights in the United States House of Representatives. The consumer-friendly legislation includes provisions pushed by Castor to guarantee that credit card applicants receive truth-in-lending information when applying for a credit card.

“Current law gives every advantage to credit card companies to increase rates and charge exorbitant fees.  The Credit Cardholders’ Bill of Rights turns the tables and outlaws unfair credit card practices and institutes important consumer protections,” Castor said. “Credit card users are at a disadvantage due to often confusing and misleading practices of credit card companies. This legislation will help make sure credit card applicants and users are well-informed and treated fairly.”

The legislation includes specific measures pushed by Castor that require credit card offers disclose the negative impact of repeated credit applications on a consumer’s credit rating. Castor also was instrumental in developing a provision of the bill that requires stores that issue credit cards to give all the information about fees, penalties and grace periods at the counter rather than in small print on the application itself that is rarely read during an immediate store purchase.

“Retailers often urge shoppers to open new credit accounts by luring them in with ‘deals’ and ‘discounts,’ such as saving 10 percent on a purchase if they open a card immediately - without informing shoppers of high rates and penalties on late payments,” Castor said. “This legislation will guarantee consumers are better informed, which is especially critical during this difficult economy.”