The US president is aiming to deal with charges and practices in the credit card sector that are seen as unfair by consumers.
Barack Obama is attempting to change the culture of the credit card industry by changing rules on charges and certain practices.
The US president met with some of the top credit card providers last month to discuss issues such as the raising of interest rates on balances. The move by Mr Obama mirrors a general trend in the UK, which has seen discussions between credit card firms, the government and consumer bodies over alleged unfair practices.
Visa Europe and MasterCard have also been criticised by the European Commission for the charges they impose on cross-border card transactions within the EU.
The president has paid particular attention to convincing banks and other institutions that benefitted from the US government's bail-out programme to treat customers more fairly in future.
Robert Gibbs, White House spokesman, commented: "There are meaningful uses for credit, obviously, in this economy. What we want to do is make sure that people have access to credit but you can also do this in a way that's transparent and fair."
In the UK, the government has pledged to outlaw the practice of sending unsolicited credit card cheques to consumers. In addition, credit card firms will no longer be able to raise customers' credit limits without prior permission.
