Prohibits: (1) inactivity fees if the consumer maintains an outstanding balance and is charged an attendant finance charge; (2) penalties for on-time payments; (3) fees for extensions of credit in excess of the authorized amount if such extension was made in connection with a creditor-approved transaction; (4) two-cycle billing for certain extensions of credit; and (5) any increase in interest rates or fees on canceled cards above those applicable as of the cancellation date.
Sets forth application requirements for credit cards issued to underage consumers.
Mandates: (1) advance notice of any interest rate increase applicable to an outstanding credit balance; (2) disclosure of interest rates and fees upon credit advances through third-party checks; and (3) specified disclosures relating to late payment deadlines and penalties.
Redefines "credit card" to include specified dual-purpose or multifunction cards.