UK payments association to monitor effect of changes, which have been labelled a cardholder 'Bill of Rights'.
American credit card companies are soon to be subject to a range of new rules, after President Barack Obama signs a new law today.
The new legislation has been designed to protect consumers and is one of many moves by the new administration to avoid a repeat of the credit crunch. Credit card providers will no longer be able to arbitrarily increase rates on existing balances and must instead give 45 days' notice if rates, fees or charges are to increase.
"This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry," said Senator Christopher Dodd, chairman of the senate banking committee.
Sandra Quinn, director of communications at UK payments association Apacs, told the BBC that the organisation will "watch to see how the situation in the US develops" before deciding whether to adapt any of the new rules for the British market.
However, she added: "Many of the new US policies already exist in the UK under the Banking Code and have done for four years."
British credit card companies have already been banned from sending out unsolicited credit card cheques and raising people's credit limit without first informing them.
