credit card regulations

Credit card regulations are rules set by governments and financial authorities to protect consumers and promote fair practices in the credit industry. Key regulations include clear disclosure of terms and fees, the requirement for lenders to assess a borrower’s ability to repay, limits on interest rates, and protection against unfair practices like hidden charges. In the U.S., the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) primarily governs these practices, ensuring transparency and fairness for cardholders while promoting responsible lending by credit card companies.