One Credit Card Rating System for All?

Senator Wyden says cardholders can agree on the need for clarity.

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I recently spoke with Sen. Ron Wyden about his and Sen. Barack Obama's credit card reform proposal, which involves rating cards according to a five-star system. He defended it against one of the credit card industry's main arguments in opposition to it, which is that it's impossible to develop a set of criteria that would apply to all consumers, since we're a diverse bunch. Wyden's point, in a nutshell: Everyone can benefit from easily understood language and policies, and the rating system wouldn't apply to things like interest rates, fees, and rewards.