The CARD Act Is Benefitting Consumers

Surveys by the Consumer Financial Protection Bureau have found that the nine largest credit credit card banks representing 90% of the market have stopped hiking interest rates on customers’ existing balances, reduced penalty fees and all but eliminated overlimit charges as a result of the CARD Act enacted last year. The CARD Act was passed to prevent vulnerable consumers from paying exorbitant interest rates and fees. The Act allows banks to raise rates for new purchases and one bank periodically reviews accounts to do just that, according to the report. Five others raise rates on delinquent customers, and another bank...

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Which Banks are Complying with the Credit Card Act?

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (“CARD” Act) goes fully into effect in February 2010. If you want to find out which credit card issuers are complying with CARD at this time, go to www.billshrink.com. You can write in the name of your bank and find out to what extent the bank is in compliance. The major credit card banks are in compliance on some, but not all of the CARD requirements. The site neatly summarizes the ten major protections afforded cardholders. They are protection from arbitrary rate increases through early notification, the right to have...

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