Monday, February 22, 2010

New Credit Card Rules


Here's a brief rundown of the new credit card rule changes taking effect on Februry 22, 2010.

Credit Card companies must tell you when they plan to increase your rate or other fees.

Credit Card companies must tell you how long it will take to pay off your balance.

Your credit card company cannot increase your rate for the first 12 months after you open an account.

Increased rates apply only to new charges.

You must tell your credit card company that you want it to allow transactions that will take you over your credit limit. Otherwise, if a transaction would take you over your limit, it may be turned down.

Caps on high-fee cards.

Adults under the age of 21 will not be able to open a credit card account unless they have a cosigner, or can prove that they can make payments.

Standard payment dates and times.

Payments directed to highest interest balances first.

No two-cycle (double-cycle) billing.

For a more detailed description of the changes, visit: http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

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