The long awaited Credit CARD Act goes into effect today. As summarized by the Consumer Law & Policy Blog, the Act has these main benefits:
- The interest rate on one credit card account can’t be raise because you were late or missed a payment on another card account.
- Most promotional rates have to last at least 6 months.
- Your billing statement has to tell you about the penalties and other consequences for late payments.
- There are much stronger restrictions about how credit cards can be marketed to people under 21.
- Generally, credit card companies can’t charge fees for going over the card’s credit limit.
New Credit Card Law Effective Tomorrow (Monday, February 22) | CL&P Blog | February 21, 2010