The Credit Card Act of 2009 took effect in August to provide new guidelines for credit card issuers that are designed to protect consumers. Some of the new rules that just took effect on December 1, 2009 include:
- • Retroactive rate increases on existing balances will be restricted.
- • Increases in interest rates and fees during the first year a new credit card account is opened will be prohibited.
- • If a specific charge would put you over your credit limit, you must be informed immediately and asked to “opt in” to cover the fee.
- • No fee assessments will be allowed for payments made online, by phone, by mail or by any other means.
- • Payments on a single account must be allocated first to balances with higher interest rates.
- • Payment due dates must be consistent and fair.
- • Billing statements must include repayment disclosures.
- • Marketing of credit cards to college students is curtailed.
For a full breakdown on what these new regulations will mean for you, visit http://bit.ly/3133Kq. For answers to all of your financial questions, visit our FoolProof page at http://bronco.com.
