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The Credit Card Accountability, Responsibility and Disclosure (CARD) Act Of 2009 - What Does it Mean? and How to Benefit From it?



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By : Gladwyn Riggs    99 or more times read

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The Credit Card reform act, popularly known as the CARD act, which will take effect on February 22nd 2010 will bring sweeping changes in the original credit card policies.

You must be wondering what it means and how it affects your credit card rating as well as the cards in your valet. So it is important for every consumer to know the important things that will affect the bottom line of consumers.

The biggest and important change is the interest rates. It is no longer going to be that every time you open your bills, you will have a different rate and you are unaware as to what is happening.

Credit Card Companies are no longer allowed to change the rates for the first year at all, unless it is a promotional rate. And even for promotional rates must be valid for six months. And even after that if they want to increase, they have to give you a 45 days notice in advance. Any rate increases would apply to future balances and not existing balances.

July and August being the busy months for people are typically the times when the credit card companies are likely to raise the rates. You need to ensure whether there are any additional notices in your credit card bills.

It is going to be much more difficult to get credit cards since they are going to take a good look at your payment history and whether you are having the payment capacity to be able to pay them or not.

Your payment will be due on payment on the same day every month. So you no longer will have to worry about the date changes.

One thing is the over the limit fees for penalties. Now you will have to opt in for over the limit fee for being charged on it otherwise your transaction will be declined and you can only be charged once per month at the maximum.

Federal Government will have a look over the fees that are being charged to the consumers.

Finance charges will be based on when you make the purchase. If the rate percentage was 12% during your purchase, then that will be the one over the life of your balance.
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