The Federal Reserve has launched a new website aimed at helping consumers better understand the new credit card protections that will go into effect on February 22.
These rules ban a number of harmful practices and require more transparency in the disclosure of the terms and conditions of credit card accounts.
The site summarizes the main points of the rules and explains how they will affect credit card users. Two interactive features will allow consumers to learn more about the terms and fees of credit card offers and about the new features of their monthly statements.
"These online tools and resources will help consumers make well-informed decisions about their use of credit," said Federal Reserve Board Governor Elizabeth A. Duke.
"We will update the site regularly to provide the most useful and current information."
Information about recent changes in credit card rules is the main focus of the site, but basic facts about common credit card options, interest rates, and fees are also included. Consumers will find a glossary of common credit card terms for quick reference along with a list of federal credit protection laws providing a basic guide for those who want to learn more about their rights.
The site also provides information about common credit card problems--such as lost or stolen cards--and links to resources for consumers who are experiencing problems with