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The Credit Card Act of 2009

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

The Credit Card Act of 2009

The Credit Card Act of 2009 was put in place to address issues consumers were having with excessive interest charges, among other things, and to help the consumer get off the credit card highway. With fees and interest charges, the credit card companies were earning billions of dollars a year while the average consumer was not able to reduce the principal balance on their credit cards.

  • Interest Rates May Not Be Increased in the First 12 Months
    Under the Credit Card Act of 2009, credit card companies may not increase the interest rate on your account for the first twelve month. That rule does not apply if you signed up for a variable rate and is attached to an index rate that fluctuates within that first year. Interest rates may also go up after, at least, six months if you've obtained a card with an in introductory rate and it has expired. Credit cards can also increase the interest rate if you have a payment that is 60 days late or longer. Also, interest rates can be increased if you've negotiated a payment plan with the credit card company but fail to make a payment on time.
  • Interest Rate Changes Can Only be Applied to Future Purchases
    If the credit card company raises your rate after the first year, the new rate can only apply to future charges. Any prior balance will only be charged at the prior interest rate. The Credit Card Act of 2009 requires lenders to notify at least 45 days in advance of a scheduled rate increase.
  • You Have the Option to Reject the Interest Rate Change
    If your company notifies you of an impending interest rate change you have the option to cancel the card before that new rate takes effect. However, if you opt to reject the interest increase that may mean your card is cancelled. It may also mean the credit card company can increase your minimum monthly payment, or may require you to pay off the balance on the account within five years.
  • Interest Rates and Overall Costs Must be Clearly Stated
    Credit card companies are now required to provide additional information on you monthly statement including the length of time it would take the consumer to pay off the balance and how much the interest will cost you over the period of several years.
  • Payments Must be Applied to the Highest Rate Balance
    If your payment is made for more than the minimum requirement the difference must be applied to the highest rate balance. This rule does not apply if you currently hold a credit card with a deferred interest plan. Credit card companies may also not access interest charges on balances in the current billing cycle.

2 of Delta's credit cards are offering bonus Medallion Qualification Miles - the key to getting elite status

Business Insider may receive a commission from The Points Guy Affiliate Network if you apply for a credit card, but our reporting and recommendations are always independent and objective. Delta is ...

Published:  Tue, 18 Jun 2019 11:55:00 GMT



Inclusivity comes to credit cards: Mastercard creates "True Name' for transgender, non-binary customers

Imagine being unable to pay for dinner or getting harassed at a checkout line because the name on your credit card isn't who you are. That's a reality for many transgender and nonbinary people, and ...

Published:  Tue, 18 Jun 2019 14:23:00 GMT



Mastercard to allow transgender people to use chosen names on credit and debit cards

NEW YORK - Mastercard will allow transgender people to use their chosen names on credit and debit cards in an effort to combat discrimination at the cash register. That means that the name on the ...

Published:  Mon, 17 Jun 2019 11:09:00 GMT



Mastercard will now allow transgender customers to use their preferred names on debit and credit cards

Mastercard MA, -0.51% has adopted a new policy aimed at reducing a major source of stress for transgender and non-binary consumers. The company is introducing the "True Name" card, which will allow ...

Published:  Mon, 17 Jun 2019 11:08:00 GMT



Three Surprising Ways the Apple Card Is Changing the Credit Card Market

The Apple Card announced in late March is about to come to market and like many Apple products, it has generated a strong response long before consumers have had a chance to use it. The card may seem ...

Published:  Mon, 17 Jun 2019 04:48:00 GMT



Rich, not poor, carry high credit card balances

The people who carry the highest credit card balances are often those who have money, not those who don't, a new study found. But the combination of haves and have-nots in the same metro area drives ...

Published:  Tue, 18 Jun 2019 08:36:00 GMT



I have 14 credit cards and these are the ones I tell family and friends to open

An image of a chain link. It symobilizes a website link url. An envelope. It indicates the ability to send an email. A stylized bird with an open mouth, tweeting. The word "in". A stylized letter F. ...

Published:  Tue, 18 Jun 2019 05:47:00 GMT



Credit card issuers who provide the best customer service

While the benefits of having a credit card are numerous, there's one factor that can send any cardholder running for the hills -- poor customer service. A recent Bankrate survey found that six out of ...

Published:  Tue, 18 Jun 2019 14:28:57 GMT



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