The Federal Reserve Board on Wednesday proposed to clarify what types of bank-issued cards qualify as credit cards.

Under the proposed revisions to the Truth-in-Lending Act staff commentary, the Fed would count as credit cards debit cards and any other cards that incur a balance if a consumer overdraws a checking account.

It would exclude check-cashing cards that do not incur a balance if the consumer overdraws a checking account, and some cards used to obtain petroleum products for business purposes from wholesale distribution facilities.

Comments are due Jan. 22.

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