The bill would:

• – Protect cardholders against arbitrary interest rate increases 
• – Prevent cardholders who pay on time from being unfairly penalized 
• – Protect cardholders from due-date gimmicks 
• – Prevent companies from using misleading terms and damaging consumers’ credit ratings 
• – Empower cardholders to set limits on their credit Require card companies to fairly credit and allocate payments 
• – Prohibit card companies from imposing excessive fees on cardholders 
• – Protect vulnerable consumers from high-fee subprime credit cards 
• – Bar issuing credit cards to vulnerable minors 
• – Woodstock Institute and other consumer advocates generated support for the bill among key subcommittee members and are working to achieve broad support to protect consumers from abusive practices.