House of Representatives Passes Credit Card Reform Bill

POSTED: Thursday, May 21, 2009 - 8:43am

UPDATED: Thursday, February 25, 2010 - 12:33pm

The House of Representatives passed a bill with sweeping reforms of the credit card industry and they could save you cash.

The bill provides a laundry list of new protections for card holders such as a 45 day notification before an interest rate hike and eliminates surprise fees, such as charging those who choose to pay by phone. The House passed the measure 361-64 votes. It mirrors the Senate, which passed the same bill by an overwhelming margin and President Obama is expected to sign a final bill within days.

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