Credit card rule changes
Posted in: Credit Cards
As of yesterday – August 20, 2009 – some new rules for credit card companies are in effect.
The new rules deal mainly with monthly bills and how the credit card companies communicate with cardholders.
Here are details:
- Credit card issuers must now mail cardholder bills at least 21 calendar days (used to be 14 days) before payment is due.
- Credit card issuers must now give cardholders at least 45 days notice (used to be 15 days) prior to making major changes in the terms of the account, which includes, but is not limited to interest rate increases.
Expect further changes in the coming months, thanks to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.
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3 Responses to “Credit card rule changes”
When will all of the changes with credit cards go into effect? This is only some of the changes right?September 19th, 2009 at 11:10 am
Yes, these are only some of the changes that will take place. The remainder of the changes specified in the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) will go into effect in February 2010.September 22nd, 2009 at 9:31 am
What are the next changes that will take place? It is hard to figure out what to expect next with all of the conflicting news reports out there all of the time.November 30th, 2009 at 2:38 pm
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