The New Credit Card Law: Its Advanatges

By: Liz Roberts

Copyright (c) 2010 Liz Roberts

On May 22,2009 the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD Act of 2009 was passed into a law. Some people might ask, is it important for us to learn the changes brought about by the New Credit Card Law? Will these changes help us avoid getting stuck in debts?

Let us discuss the highlights of the new law and learn about its advantages:

No sudden rate increases. In the past years, many cardholders have found themselves stuck in bad debt due to the sudden increase in their interest rates. Missing your deadline with any creditor could mean an increase in your credit card rate even if you are on time paying off your balances. Thankfully, the dreaded "Universal Default Clause" has now been abolished. Issuers cannot change the interest rate within the first year of the card's issuance. Credit card issuers can still raise your current interest rate but only for three reasons:

- if the promotional rate has expired (promotional rates must not be shorter than 6 months)

- if the Variable Index Rate has increased

- if the cardholder has been late for 60 days or more.

Longer advanced notice period. If a credit card issuer plans to increase the present rate, it must send its cardholders an advanced notice at least 45 days prior to the rate changes. Currently, banks are only mandated to give a short 15-day notice. Restrictions on other fees. Issuers must be more careful about charging additional fees. For instance, cardholders cannot be charged with extra costs for making their payments through online or phone banking.

High-rate debts paid first. Payments beyond the minimum due required must be applied to the highest rate debt first. That is contrary to the current rule where payments are applied to the lowest-rate debt first, giving cardholders a longer time paying off their debts.

More time to make payment. The new rule requires all credit card companies to send a billing statement at least 21 days before the due date. This will give cardholders the chance to make their payments before getting penalized by late fees. Longer lifespan for gift cards. Gift cards must be given least a 5-year expiration period. Issuers are not allowed to charge inactivity fees unless the gift card has not been used for more than 12 months.

Double-cycle billing is never allowed. A credit card with a double-cycle billing can be risky since you will still get finance charges based on your previous and current balance. Under the new law, the double-cycle billing is prohibited. Student credit card limits. Students under the age of 21 cannot apply for a credit card unless they have a co-signer or they can show proof of their own income.

Yes, credit card issuers cannot just change their rates and fees at any given time. The New Law has been made to help consumers stay out of bad credit. Nevertheless, it is still important to remember that it can only work out if payments are submitted on time and credit card use is put in control.

About the Author

New Horizon Business Services, Inc NHBS, Inc has been providing consumers and business owners with financing since 1989. Join our mailing list for Free Tips on Rebuilding and Repairing Credit. Click here for the list of credit cards for bad credit.

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