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      February 19, 2018

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The Credit Card Act of 2009

 

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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.

New Balance Transfer Offer: The Amex EveryDay® Credit Card from American Express

The beginning of a new year is a common time for credit card issuers to change their current card offers by adding or removing features. So far this year, there have been many changes to cards in the balance transfer market with several main issuers making ...

Published:  Sun, 18 Feb 2018 03:22:00 GMT



Israel regulator issues rules for acquiring credit card firms

JERUSALEM, Feb 18 (Reuters) - Israel's banking regulator on Sunday published its final criteria for foreign and domestic entities seeking to buy credit card companies from banks that must divest them as part of a bid to boost competition. Israel's top ...

Published:  Sun, 18 Feb 2018 03:33:00 GMT



Woman Stole Credit Cards, Went On Shopping Spree: Denver Police

DENVER, CO -- Denver police seek help identifying a woman who allegedly used credit cards she got from a stolen car to go on a shopping spree. The woman, captured on video in the photo above, allegedly bought items with someone else's credit cards at TJ ...

Published:  Sat, 17 Feb 2018 20:47:00 GMT



Coinbase blames credit card reprocessing for incorrect Bitcoin purchase fees

Following an influx of complaints from customers over exorbitant transaction costs and multiple charges on their accounts, cryptocurrency exchange Coinbase has issued a statement that suggests the problem was caused by credit and debit card issuers.

Published:  Fri, 16 Feb 2018 11:22:00 GMT



All 50 states ranked for identity theft and credit card fraud, from most at risk to the least

DON'T MISS: Freezing your credit after the Equifax breach won't prevent the most common type of identity theft - here's what will

Published:  Thu, 15 Feb 2018 12:23:00 GMT



This Week In Credit Card News: Kids Are Key Targets For ID Theft; Is Card Debt Bad For Your Health

Synthetic identity theft frequently involves the use of stolen Social Security Numbers combined with fabricated personal information, which is used to trigger the creation of a "synthetic" credit file. This file is then nurtured and grown over time ...

Published:  Fri, 16 Feb 2018 11:29:00 GMT



Naperville man charged with credit card fraud, identity theft

A Naperville man believed to have committed forgery, credit card fraud, and identity theft was arrested and charged this week by Naperville police. Brenton C. Thurman II, 27, of the 0-100 block of Olesen Drive, was under investigation for months before ...

Published:  Sat, 17 Feb 2018 12:50:00 GMT



Forged, Stolen Credit Cards & Skimmer Recovered by Sherwood PD

SHERWOOD, Ark.-- Two men sat behind bars Saturday night after Sherwood police find forged credit cards, stolen credit cards and a credit card skimmer. 25-year-old Omar Cobb and 24-year-old Justin Lee booked into jail Friday on more than half a dozen counts ...

Published:  Sat, 17 Feb 2018 19:24:00 GMT



Credit card skimmer found at local gas station

VALDOSTA - Valdosta Police report that a credit card skimmer was found at a local gas station. According to the report "the gas station attendant reported a malfunction to their respective corporate office and the responding technician found a Credit ...

Published:  Fri, 16 Feb 2018 12:30:00 GMT



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