FACTBOX-Details of U.S. credit card legislation

April 22 (Reuters) - Legislation making its way through the U.S. House and Senate aims to restrict the fees and penalties credit card companies can charge consumers.

The House bill, authored by New York Democrat Carolyn Maloney, was approved by the House Financial Services Committee on Wednesday. It next goes to the House floor for debate.

The Senate bill, which has tougher terms, was written by Connecticut Democrat Christopher Dodd. It narrowly was approved by Dodd's Senate Banking Committee and needs the support of at least 60 senators.

Following are summaries of the bills:

INTEREST RATES

Both the House and Senate bills would bar issuers' interest rate increases on existing card balances and allow retroactive increases only if a cardholder is more than 30 days late, if a preagreed promotional rate expires, or if the rate adjusts as part of a variable rate. It would also require a 45-day notice of all rate increases so consumers can shop for a better deal.

Senate bill would also ban issuers from increasing interest rates and terms unrelated to a cardholder's behavior on that card. It prohibits charging interest on late fees and over-the-limit fees

PENALTIES

Both the House and Senate bills would end issuers' "double cycle" billing and prohibit cards from charging interest on debt that consumers have already paid on time. If a cardholder pays on time and in full, cards cannot add fees to balances that consist solely of left-over interest.