Credit CARD Act of 2006

This bill, introduced in 2006, proposed several new consumer protections for credit card users to increase transparency and limit unexpected costs. It would have required credit card companies to provide advance notice before raising interest rates and prohibited them from charging fees for transactions they approved that went over a customer's credit limit. Additionally, the legislation sought to restrict the issuance of credit cards to individuals under age 21 and required clearer disclosures regarding how long it would take to pay off balances through minimum payments.