TAKE ACTION TODAY on Credit Card Companies

Write to Your Senators Today and Tell Them to SUPPORT the Durbin/Bond Consumer Discount and Fee Transparency Amendment.

House bill H.R. 627, the Credit Cardholders' Bill of Rights Act will be brought to the Senate floor early this week. This is the consumer bill that recently passed the House. Senators Richard Durbin (D-IL) and Kit Bond (R-MO) will offer an amendment to increase transparency of credit card fees, and allow merchants to offer a wider array of discounts to consumers.

Specifically, the Consumer Discount and Fee Transparency Amendment:
(1) updates current law, which permits merchants to provide discounts for consumers who pay by cash or check instead of credit card, by permitting merchants to also discount for debit cards or lower-fee credit cards; and
(2) directs the Federal Reserve Board to gather and publish information on interchange fees, other credit card fees, and the rules governing them.

In addition, it strengthens existing laws to clarify that card companies cannot penalize retailers for 1) offering discounts; 2) the way in which they display the discounts; or 3) for directing consumers toward a discount payment option.

HR 627 draws a line in favor of consumers by banning most retroactive rate increases on existing balances (except where the card holder is thirty days late in making payment) and increasing notification of any interest rate hikes going forward to foty-five days. It also stops the annoying tricks and traps that cost card holders money: due-date gimmicks, misallocation of payments on balances with different interest rates, double-cycle billing; and it bans issuance of cards to minors.

The bill is expected to come to the floor this afternoon and debate and amendments will continue throughout the week. The Durbin/Bond amendment could come up as early as today - please send your U.S. Senators an e-mail by clicking here:
http://www.ga.murphyoilcorp.com/issue_alert.asp?g=murphyoil&issue=creditcard&parent=MURPHYOIL