President Obama welcomed implementation of the new credit card law on Monday.

The Credit Card Accountability Act, which Obama signed in May, would prohibit issuers from raising interest rates unless a cardholder is 60 days late, ban double-cycle billing and stop overlimit fees without an opt in.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.