Fair Credit and Charge Card Disclosure Act of 1988

The Fair Credit and Charge Card Disclosure Act of 1988 aims to provide more detailed and uniform disclosure by credit and charge card issuers regarding interest rates and other fees associated with consumer use. The act requires issuers to disclose information such as annual percentage rates, fees, grace periods, and balance calculation methods in a clear and conspicuous manner. This includes applications, solicitations, and account renewals for both credit and charge cards. The Board of Governors may modify or add disclosures if deemed necessary. The law also provides for the collection of semiannual credit card price and availability information from financial institutions.