Credit Card Laws In the US

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In early summer of 2009 a more modern set of credit card laws were swiftly passed into law. Various consumers didn’t even notice the passage, but the impact of them is definitely working in your favor. Numerous new laws governing US credit cards possess already gone into effect and others will shortly

The new laws on US credit cards possess limited when a company can increase your interest price. For instance, your price cannot be changed at the company’s whim but if you miss a payment they can still increase your price.

Also included in this reform was a order that the company must update you of changes with 45 days of notice. This law states that companies can no longer raise your rates due to your payment history with unrelated account, as was widespread.

Under the new guidelines for US credit cards a customer has at least 21 days to make a payment after your statement is mailed. No more moving due dates with no notice. Companies can no longer set a deadline for a payment that is before 5 pm on the due date. No more will patrons be told their payment is due through 10 am on the due date and be charged a late fee when it arrived at 11.

Until that time, it was credit card company policy to pay off the balance of the lowest interest price first. So, if you had a balance at a 12% rate and an additional balance at a 0% interest, the 0% balance would be paid off first. This new law states that any amount that is in excess of the minimum payment will go toward the balance with the highest interest value first, saving consumers a lot of money in finance charges.

Speaking of minimum payments, institutions must disclose to their cardholders the cost of paying only the minimum balance. They are obligated to tell their cardholders how long it would take to pay off their balance with minimum payments only, and how much they own to pay to pay off a balance in 36 months.

All of these actions have been enacted or will before long be enacted to make sure that American consumers are getting a fair deal.

Learn more about Credit Card and your US Credit Card

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Topics: Credit and Debit | Comments Off

Tags: Credit, Credit and Debit, credit cards, Finance

Article Citation
MLA Style Citation:
Cooper, Celine "Credit Card Laws In the US." Credit Card Laws In the US. 23 Feb. 2010. uberarticles.com. 9 Feb 2012 <http://uberarticles.com/finance/credit-and-debit/credit-card-laws-in-the-us/>.

APA Style Citation:
Cooper, C (2010, February 23). Credit Card Laws In the US. Retrieved February 9, 2012, from http://uberarticles.com/finance/credit-and-debit/credit-card-laws-in-the-us/

Chicago Style Citation:
Cooper, Celine "Credit Card Laws In the US" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/credit-card-laws-in-the-us/

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