Credit Card New Rules 2010
The 2010 new credit card rules were dedicated to solve a serials of credit traps such as: over-limit fees, unexpected rate hikes, double-cycle billing, etc.
The new Credit Card Accountability Responsibility and Disclosure Act takes effect on February 22, 2010 to put forth new rules for credit-card issuers that are arguably the most consumer-protective in the history of credit cards.
Here we listed the key changes that the new law puts forth, and some obvious traps that can still trouble consumers with the credit cards issue.
Interest-Rate Hikes, Finance Charges and Notifications
• No fees to make credit-card payments online or over the phone.
• No more double-cycle billing.
• There is no interest-rate changes for the first 12 months of a credit card.
• Interest-rate hikes only to new charges.
• Unless the credit-card holders request, no more over-limit fees.
• The cards annual fees plus application fees can not more than 25% of your initial credit line.
Small hint: Rate hikes are allowed if you're more than 60 days late with a payment.
Billing Statements, Payments and Disclosures
• The billing statement must be sent at least 21 days before due date.
• Due date must be the same day each month.
• Payments above the minimum must be applied to the highest-rate balance first.
• Statement must include clear information on how long it will take to pay off your balance if make only minimum payments and how much you would be paid totally.
• Statements must include a toll-free number to call if consumers want to refer to a credit-counseling service.
• Statements must include a warning that by making only minimum payments you will pay more interest and it will take longer to pay off the debt.
• Payments are considered on time when received by 5 p.m. on the due date.
Small hint: Your entire payment must be applied to the balance if you make a purchase under a deferred-interest plan.
College Students and Young Adults Credit card
• No credit card for college students unless co-signed by a parent.
• No credit-limit increases if you have a co-signer without that co-signer's permission.
• No credit-limit increases if you are under 21-year-old.
• No credit card marketing and freebies on college campuses.
Small hint: Credit card issuers are still allowed to offer freebies to everyone near off-campus places.
Know well about the new credit card rules and protect your personal credit.
Questions and Answers
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