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New Financial Reform Bill Affects Credit Card Minimums & Maximum Purchase Perks

submitted on June 28, 2010 by pablos17 in "Member's Lounge"
CREDIT AND DEBIT CARDS Hate those merchants that won’t let you use your credit card unless you spend more than a certain amount? Well, now they have Congress’s blessing, as long as the minimum is not higher than $10. The Federal Reserve can increase the minimum if it chooses. As for maximums, only the federal government and colleges and universities can limit what people spend. So if you are paying tuition on a credit card and earning a couple of free plane tickets each year, that fun may soon end.


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http://www.nytimes.com/2010/06.....f=business
        

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