As expected, the Senate passed the Credit Cardholders' Bill of Rights Act (H.R.627). The House is expected to pass it, and it will likely be signed by the President by the end of the week. The WSJ Wallet Blog and this CNN Money article have good summaries of what these new credit card rules will mean to consumers. As I mentioned in yesterday's credit card post, these new rules may encourage the credit card companies to cut back on their reward programs. As the WSJ Wallet post mentioned, "The future of rewards programs is also up in the air." However, this Motley Fool commentary thinks it's foolish for credit card companies to charge their best customers:
I'm a credit card deadbeat, and I'm proud of it. And if credit card companies think they're going to start making any more money off me, then they'd better think again
I don't think I could have said it any better. Let's hope that the credit card companies think this way.
In my yesterday's post, I mentioned PenFed's attractive cash reward credit card (see post). I should have also mentioned this post which describes Charles Schwab's 2% cash back credit card and also lists some of the other lesser-known cash back credit cards. Fidelity also has a 2% cash back credit card (see post). And finally, this FW thread has a few other good ones including the Associated Bank Cash Rebate Card which still has 5% cash back for everyday purchases.
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