Barack Obama takes on credit cards
Barack Obama is taking on the credit card industry in response to claims from consumer groups that some of their practices are abusive.
The US president met executives from 14 credit card companies, including American Express, Barclaycard, Capital One, and Citigroup, which operates the Egg credit card brand in the UK.
The White House hopes to pass a bill that would give cardholders more rights against the unpopular banks.
Mr Obama made tackling credit card providers over arbitrary interest rate rises and late fees one of his election pledges.
"The days of any time, any reason rate hikes and late fee traps have to end," Mr Obama said.
He also pledged: "No more fine print, no more confusing terms and conditions."
The president also wants to see credit card providers make all their contract terms easily accessible so consumers can shop around.
A congressional panel is expected to approve a Credit Cardholders' Bill of Rights to limit card fees and penalties imposed by many of the banks that benefited from the US bail-out.
In the UK, Lord Mandelson last year brokered a deal with credit card companies to hold off from debt collection for 30 days when struggling borrowers are getting help.
Credit card firms were warned if they fail to tighten up, they could face an investigation from the Office of Fair Trading.
They were also pushed to be more open on the interest rates they charge and how they are calculated based on the risk of a customer.
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