Roundup of information on the new credit card laws

New credit card laws went into effect earlier this week. Here's a roundup of what's included. 

President Obama's new credit card laws went into effect Monday.

So in case you haven’t heard about it in the news, as of February 22 (Monday) the new credit card laws (the CARD act) went into effect. The idea behind it was to protect consumers, which I guess it will in some cases, but the credit card industry is a pretty big one that will find a way to do what they want to do. Either way, there are a lot of new changes coming down the pike with it. These are just some of what is/will be happening…

Increase of Fees. Since the new laws are costing the credit card companies billions, you can expect to see many more fees on your statements.

  • Cutting back on rewards. They are particularly interested in cutting them back for customers who don’t carry a balance.
  • Merchant Fees being raised. This will in turn be passed on to us as shoppers.
  • Statements will come earlier. They now need to be sent 21 days before the due date.
  • Over-limit fees. Customers will now have to “opt-in” for over-the-limit spending.
  • More difficult to get approved. I think this is probably a good thing.
  • Rates will probably increase. Customers who pay late, or don’t pay are likely in for it.
  • Minors can’t have cards. Those under 21 will now need a co-signer.
  • Same due date. Payment due dates must be the same every month.

There are a lot more details about the new credit card laws and if you are interested, you can check out some of these articles below to find out more…

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