July 19, 2018

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The Credit Card Act of 2009


Top Consumer Reviews Articles 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.

Best Credit Cards for 2018

Hands down, we think the following credit cards are among the best of the popular offers we've vetted. So take a moment to review our short list of the best credit cards for travel, cash-back, balance ...

Published:  Wed, 18 Jul 2018 07:12:00 GMT

How do I get out of $50,000 in credit card debt: personal loan or repayment plan

Question: I'm 64. My credit score is about 656. For different reasons over a long period of time - including unemployment and health issues - I accumulated credit card debt of about $50,000. I intend ...

Published:  Wed, 18 Jul 2018 02:00:00 GMT

Americans paid over $100 billion in credit-card interest in 2017-and they'll pay even more this year

Some people are living the high life, but many can't afford it, judging by recent credit-card data. All those interest payments add up. Americans paid banks some $104 billion in credit-card interest a...

Published:  Wed, 18 Jul 2018 11:17:00 GMT

United flight attendants to make $100 per credit card sold in-flight, report claims

Coffee Water Travel rewards credit card According to one travel blog, such midflight pitches from United Airlines flight attendants for carrier-sponsored credit cards are rumored to begin soon - to ...

Published:  Wed, 18 Jul 2018 08:37:00 GMT

Credit card skimmer found at Byron Township gas station

BYRON TOWNSHIP, MI -- A credit card skimmer used to steal financial data was found in a Byron Township gas pump Wednesday, July 18, state officials said. The skimmer was located in a pump at the Mobil ...

Published:  Wed, 18 Jul 2018 16:22:00 GMT

Why I'll Never Close These 5 Credit Cards

While credit cards often get a bad rap, they're powerful tools that can improve your financial life. Yes, mismanaging them can hurt you, but the upsides to using cards responsibly - such as building c...

Published:  Wed, 18 Jul 2018 08:23:00 GMT

Credit card scam hits Casey's stores in Chisago County

One victim is out $3,000 after fraudulent purchases in North Branch, Chisago City, Wyoming and Stacy. Four times in two days a man entered a Casey's General Store in Chisago County this month and boug...

Published:  Wed, 18 Jul 2018 13:07:00 GMT

Do People Really Spend More With Credit Cards

When you use credit cards responsibly, you can earn airline miles and cash back rewards. As long as you pay your balance in full and on time every month, you can enjoy these perks and avoid costly int...

Published:  Mon, 16 Jul 2018 07:48:00 GMT

SmartMetric Puts Its Biometric Fingerprint Scanner Inside Your Chip Credit Card - There Are More Than 7 Billion Chip Cards Issued Globally


Published:  Wed, 18 Jul 2018 12:23:00 GMT

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