More changes to the rules for credit card companies are on the way, effective August 22nd. These changes will affect penalty fees and rate increases on your credit card account.
The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 mandated a lot of changes to the credit card industry. Some of those changes went into effect on February 22nd, 2010. They included: 45 days notice for interest rate changes; ability to opt out of changes and pay off your balance over 5 years; restrictions on getting a credit card under age 21; and no more double billing cycles. Now another set of changes is going into effect on August 22nd. According to the Federal Reserve Board, here’s what these new credit card rules include:
- Reasonable late-payment penalty fees. In the past you paid the same expensive late fee whether your minimum required payment was small or large. The new rule says that your credit (more…)