Credit card refom
August 31, 2009 | alternatives, industry | Comments (0)It’s starting to be phased in. From the story:
Some of the more important features of the act are:
Credit card companies will be unable to increase rates that have been fixed for a year provided payments have been made within terms; however, this does not apply to interest rates that are based on an index, such as the prime lending rate, which most credit cards are.
They must give 45 days notice, instead of the prior 15, on changes to be made to the terms of the card.
They must send your bill so you receive it 21 days, instead of 14, before payment is due.
Transparency has always been the key to consumer protection.
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