American Express sent me a notice today about the credit card reform bill and how it may affect my account. For the most part, this legislation looks welfare enhancing; most of the changes are meant to make sure people are provided with enough information (e.g. are aware of finance and interest charges) and that companies can’t manipulate people into paying late by playing around with the due date or refusing to send you a reminder to pay a few days before the payment is due. You can read American Express’s explanation of the changes here.

Unfortunately for me, I was already aware of the charges. I’m paranoid about paying off all my balance on time every month, and I’ve never been close to going over my limit. People like me will somehow be hurt by this reform (maybe there will be fewer rewards or higher merchant fees that will raise prices). But as a good citizen, I’m happy that the credit card system has been made somewhat more transparent.

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