New Rules For Credit Card Companies

Good news for everyone who holds a credit card, new rules are going into effect creating more favorable terms for card holders, and less favorable terms for card issuers. Companies such as Bank of America Credit Card Servicing (Priority Card Services), American Express, and Citi Cards will now have to adhere to the Credit Card Accountability Responsibility and Disclosure Act (CARD Act).

Under the CARD Act, credit card companies can no longer raise interest rates on card holders who make late payments on bills other than their credit card bill. Companies such as Bank of America Credit Card Servicing (Priority Card Services) must give more warning to customers about interest rate hikes as companies must give 45 days notice, in writing, about any potential rate changes. Also, for your convenience, credit card statements are now required to show the amount of time it would take to pay off the debt if the customer only chose to make the minimum payment each month. The CARD Act however does not limit card companies from charging fees and many companies such as American Express are adding fees and raising interest rates across the board. All in all, this is a positive development for most consumers, and will only benefit those that continually carry a balance on their card. For more on the credit card industry changes, Click Here

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Posted by GetHuman on Tue, 23 Feb 2010 3:17pm