your infringement was. keep in mind it s just the penalty fees. all the other fees as long as they show justification for it, they have a right to do it. jamie: hard to believe they could penalize you more than what you owed before. what about the inactivity fees? those are banned now? thank god. so many people are trying to clean up their credit and not use the credit card. to have a fee hit on top of it makes no sense. this is a great thing. it s gone. jamie: what does it mean containing rate increases? that is another one. so you are late a bunch of times, they can come after you and say look, i have the right to increase the rate on your credit card. that s fine and well. but after six months of you paying on time, you have a right to have the rate reviewed and potentially brought back down. here is the kicker. they will not bring it back down to the low rate you were potentially late on the first time. say your rate increased by 10%. they won t bump it back down 10%. they
interest rates and fees goes into effect today but there are important things you need to know about. tracy burns is here to fill us in. let s talk about fees. good news from consumers because there is a limit on penalty fees. what is that all about? thank goodness because now the penalty is going to max out at $25 even if the amount that you improperly sent was higher than that they have to cap out at 25. the good news, too, is if it is less than that, if let s say you owe $20 instead they can t fine you for more than the amount you are basically the fee s required for. know that shannon there is no more inactivity fees. if you don t use your credit card you will no longer be charged for that. that is a great thing because people are trying to cut back on credit card usage. used to be you got a penalty for not using it and that is gone. other fees are still around. unfortunately, the credit card companies have the right to justify any other fee. these are mostly your late payment pe
dirty tricks ever since his website published documents from the afghanistan war. a catastrophe hit, affecting 450,000 residents to flee. the worst flooding in decade affected, killing more than 1500 people and leaving at least 6 million homeless. meanwhile, in an interview with a pakistan television station, secretary of state, hillary clinton says this extreme weather is a seen that climate change is getting worse. new federal regulations go into effect today for credit card companies and the rules stem from the federal credit card accountability and responsibility and disclosure act signed into law last year. companies will now be banned from charging you penalty fees that are larger than your violations. issuers will also no longer be able to charge you inactivity fee for not using your credit card. and if a credit card company raises your interest rate, it will have to tell you why.
state. julie: okay, we have to wrap it up. i think it will be a close election. if he can drive angle s negative higher than his own he has a chance but in an election, it s a referendum and not an incumbent. and if his vote below 50% it will be steep hill for him to climb. gregg: before you swipe that credit card, you got to listen this. new rules taking effect. they are meant to protect you the credit card user from unreasonable interest rates, fees out there, a bunch of stuff. tracy burns is here with more on what you need to be aware of. good to see you. four major ones i want to get through. limiting penalty fees, explain that? good part is now they are limited to $25 or the amount of your late fee. so let s say you owe $20, you
rays up there. folks were clear to go back in the water an hour later. city officials insist there were no sharks. they say there were only sting rays in the water. jamie: it could be good news for you, especially if you use your credit cards. the final phase of federal law laws placing new restrictions on credit card interest rates and fees take effect today. let s go through the new protection. the first one, limited penalty fees, banning inactivity fees if you don t use your card. containing rate increases. protecting gift cards. wow! these sound good. fox business network tracy byrnes to explain the rules. hi. let s start with the first one. fees are capped. fees tap at $25 or cost of the infraction. if you are only late $20, they can only charge you $20. you can t be penalized for more than the actual cost of