Will the new Credit Card Holders Bill of Rights apply to people that have a Discover Card?
The Credit Card Holders’ Bill of Rights applies to all those who hold credit cards, including Discover Cards. The proposed legislation has lots of features, but the most important is that it would prohibit or limit a number of card issuer billing practices that are substantively unfair or that consumers rarely know about even if disclosed: (1) universal cross-default clauses; (2) any-time, any-reason rate changes; (3) retroactive application of interest rates without a opportunity to cancel the account first; (4) two-cycle billing; (5) unlimited applications of overlimit fees in a single billing cycle; (6) give consumers the ability to opt-out of overlimit transactions; and (7) require pro rata application of payments to balances accruing at different interest rates. Sources: http://www.creditslips.org/creditslips/2008/02/the-credit-card.
