Sifting through the fine print of the new credit card rules

Now that the new federal credit card rules are in effect, card issuers have to give consumers advance warning of upcoming rate increases, right?

Not so fast. If the rate is one that is tied to another variable rate or financial index, such as “prime plus X percent,” no warning is required. Also, if you have an introductory rate, no warining of its impending expiration is required. Just a couple of the maddening loopholes in the law, the sort of non-relief which will probably keep Massachusetts consumers heading towards bankruptcy court for quite a while.

If you enjoy such things, the Boston Globe has recently put together a slide show that outlines many of the loopholes.

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