« Living on Your Own | Home | Scholarship Winners! »
Credit Card Rule Changes Effective August 22nd, 2010
By Luke | July 30, 2010
August is quickly approaching and it brings with it another set of rule changes for your credit cards. Some changes have already gone into effect, and more are on the way. We’ve already seen the timeframe in which companies have to notify customers about rate increases grow to 45 days. Customers are now also allowed to opt-out of rate increases, which would prevent you from using the card anymore, but it’s better than having a higher rate forced on you. These are just a couple of the changes made to help protect consumers. Here is a summary of the rule changes that you should be aware of before they become official on August 22nd.
- Penalty Fees: You cannot be charged more than $25 for a late fee unless one of your last 6 payments has been late. Your late payment fee cannot be greater than your minimum payment.
- Fee Protection: You can no longer be charged an inactivity fee for not using your card. Companies cannot charge you more than one fee per transaction. For example, you cannot be charged a late payment fee that puts you over your credit limit and then be charged another fee for being over your credit limit.
- Interest Rates: Credit card companies must now notify you of all rate increases. If you do have your rates increased, they must be reevaluated every 6 months. If, after the evaluation, an adjustment is needed, the company must reduce the rate within 45 days of completing the evaluation.
What do you think of these new rules? Do you think they will help the consumer or will the credit card companies find a way around them? Voice your opinion by leaving a comment!
I'm just a regular Joe like you that has been able to get into some good habits when it comes to my finances. I also surf the web a lot looking for financial tips on how to get better at money management. I like to relate my articles to my life, and show you the good and bad things I've seen/done with money. Hopefully you can apply some of this to your life to help with your finances. Any suggestions about topics or comments about previous articles are much appreciated. I would also like to hear any stories you may have about your financial life, good or bad.
Contact me at luke.dewulf@ELGACU.com Topics: Uncategorized | No Comments »
