First Wave of New Credit Card Consumer Protection Rules Goes Into Effect Today.
Posted on | August 20, 2009 |
This is just a reminder for those of you who are unlucky enough to still carry a balance on your credit card(s) - the first phase of the Credit Card Accountability Responsibility & Disclosure Act take effect today.
The Credit Card Accountability Responsibility & Disclosure Act sets forth a new collection of regulations on the credit card industry, and is set to take effect in two phases: one today, and the next in February of 2010.
August 20th, 2009 Changes.
Written notice of rate hike.
Starting today, Credit Card companies must provide written notice 45 days prior to any rate increase or substantial change in terms. If you’re unhappy with the rate change, you can decline it by closing the account. At that point the Credit Card Company must allow you to pay off the balance under the previous terms within five years. Watch out though - they can increase the minimum payment as much as 100%!
Increased grace period.
Account statements must now be mailed or delivered at least 21 days prior to the payment due date. I’m not sure how they can enforce this exactly, with the post office being what it is but I suppose if you make a habit of saying you got your statement less than 21 days out from the due date you’d lose credibility.
Feb. 2010.
The most restrictive protections are coming next year and are likely to cause some rethinking by the credit card companies about their business model. It’s about time too.
- New Credit Card Fees: Bank of America (and others) To Impose Fees - Even If You Pay Off Your Balance?!
- 5 Credit Card Pitfalls to Avoid.
- 7 steps to getting out of debt.
- 6 Things You Should Know About 0% APR Credit Card Offers.
- Fight Back Against Credit Card Companies Cancelling Your Credit Card and Hurting your Credit Score
- Credit Cards Are Just A Tool
- Eliminate Credit Card Debt Without Bankruptcy
- What is a Secured Credit Card?
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August 21st, 2009 @ 4:30 pm
[...] First Wave of New Credit Card Consumer Protection Rules Goes Into Effect Today. This is just a reminder for those of you who are unlucky enough to still carry a balance on your credit card(s) - the first phase of the Credit Card Accountability Responsibility & Disclosure Act take effect today. The Credit Card Accountability Responsibility & Disclosure Act sets forth a new…… [...]
August 24th, 2009 @ 7:10 am
If your about to close the credit card because you’re unhappy with the change of rate if you have the cash pay it in full rather that pay the balance within one year it will just accumulate interests.
August 25th, 2009 @ 12:37 am
very informative First Wave of New Credit Card Consumer Protection Rules Goes Into Effect Today blog. Thanks! Horde Leveling Guide
August 25th, 2009 @ 12:17 pm
Good point Reese. Although most people probably don’t have the cash to pay the balance off immediately, they should certainly focus on paying it off ASAP!
January 14th, 2010 @ 7:17 am
[...] remainder of the new Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 regulations go into effect in February 21st, and a lot of credit card companies are making changes [...]
February 24th, 2010 @ 1:49 pm
[...] was nice enough to provide a 1st phase of credit card consumer protection rules went into [...]