Card Law Has Ended Many Harmful Practices, Pew Says

Credit cards offered online by the 12 largest U.S. banks have eliminated some of the most troublesome practices for consumers, the Pew Charitable Trusts said.

Increasing interest rates on existing balances for some infractions of the card agreements and applying payments to balances with the lowest interest rates first have ended, according to the report released today by the Philadelphia-based nonprofit organization. The study looked at almost 450 cards advertised by banks and credit unions and compared terms for cards offered in March 2010 and July 2009.