On May 22, 2009, President Barack Obama signed the Credit Card
Accountability, Responsibility, and Disclosure (CARD) Act of 2009.
The main points of the 15 month roll-out plan aimed to strengthen
consumer protection in the credit card market are as follows:
]August 20, 2009
• 45 days advance notice of any significant credit card term changes.
• 21 days to pay monthly credit card bills
February 22, 2010
• Ban on retroactive rate changes and double-cycle billing
• New rules on over-limit fees, late fees, and foreign transaction fees
• Restrictions on credit card access for people under age 21
August 22, 2010
• 6 month “make-good” policy which allows borrowers to earn back their old APR with six months of on-time payments.
• New rules on gift cards including limiting fees and making them valid for five years
(Peters, Emily. “President Obama Signs Credit Card Accountability, Responsibility and Disclosure Act into Law” May 22, 2009)
In the meantime, issuers may be making changes to your credit cards. They may be burying revisions to your accounts in the fine print of your billing statements; such as raising your rates, increasing fees or slashing
your credit limits without you even noticing
(Weston, Liz Pulliam “Banks have declared war on you” May 28, 2009).
These changes are not only affecting clients with poor credit histories, but also those who pay their bills on time and don’t carry a balance. We urge you to review your monthly statements and any correspondence from your card issuers.
