Eliminate your credit card debt but make sure you understand the new Credit CARD Act that takes effect February 22nd—Use it to your benefit…
The Credit Card Accountability Responsibility and Disclosure Act (CARD Act) takes effect February 22, 2010. This act establishes new rules for credit card issuers, and is designed to protect the consumer. But do these new rules really benefit all consumers? Or just the ones that are savvy about the loopholes and caveats credit card issuers can take around these rules? Take a look at just some of the changes, and their loopholes:
Interest Rates and Fees
· No rate increases for the first 12 months after opening an account.
However, rate hikes are allowed if you’re more than 60 days late with a payment.
· No more over-limit fees, unless the card holder opts in.
Credit card companies have been contacting card holders asking them to opt in for over limit fees in exchange for lowering that fee. What card holders aren’t being told is that there is no longer a fee for going over your limit, the charge will just be declined.
Statements and Notifications
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