New Credit Card Law Takes Effect

The credit card responsibility and disclosure act was signed in May 2009 and affects interest rates, fees and disclosure requirements for all personal credit card contracts.

The new law:

  • Prevents rate increases in the first year after a card is issued and requires promotional rates to last at least six months.
  • Prohibits double -cycle billing.
  • Requires 45 days' notice of any increases in fees, interest rates or finance changes.
  • Requires that credit card bills must be mailed to the customer at least 3 weeks before their payment is due.
Accredited