01-15-2010, 01:22 PM
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Why, you're a regular Alfred E Einstein, ain't ya?
Join Date: Jun 2006
Posts: 21,206
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The Credit Cardholder's Bill of Rights Act of 2009
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On December 18, 2008 the Federal Reserve voted to end many unfair credit card practices. However, the new rules didn't make it through the Senate before the 110th session of Congress ended.
Fortunately, the rules were amended and renamed to the Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009. The law was revoted and passed in both the House and the Senate. President Obama signed the legislation on May 22, 2009, making it part of the Truth in Lending Act.
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No more double cycle billing finance charges.
No interest rate increases during the first 12 months of opening a credit card, unless the rate increase was disclosed when you first opened the credit card.
Credit card issuers must give a 45-day advanced notice before increasing your interest rate or making any major change to your credit card agreement. This is a big increase over the current 15-day advanced notice requirement.
Payments above the minimum must be applied to highest-interest rate balances.
No fees to make your credit card payment online, by mail, or over the phone, unless you make a last-minute payment over the phone and your bill is due the same day or next day.
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__________________
A word to the wise ain't necessary - it's the stupid ones who need the advice.
--Bill Cosby
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