Tuesday, September 15, 2009

Credit Card Act

http://www.martindale.com/banking-law/article_Frost-Brown-Todd-LLC_795478.htm

I found this article interesting due to the fact I am a holder of 2 credit cards myself. This article is about one of three phases credit card companies need to change. This article states that they need to make notifications more in advanced, and as a credit card holder I do agree. The need to send bills out sooner and notify the card holder 45 days prior to any rate changes opposed to the 15 days, as they so now. Phase 2 and 3 will be in effect in February and October of 2010.
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5 comments:

  1. DonnaSeptember 15, 2009 at 4:07 PM

    i agree its kinda ridiculous i mean ive had a capital one card since i was 18 almost 10 years and i found out in myu last bill they raised my apr 20% and my mothers card had an anual fee added so she cancelled the account. i understand the economy is bad but they deffintley ned to be more considerate in notifications specially to good consumers!

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  2. ADRIHSeptember 15, 2009 at 6:43 PM

    I agree, I do have an Amex, but they did send me a letter ahead about the new interest rate, which will be apply for the next month. On the contrary, Walmart credit card applied a new interest rate without any notification at all. On this days, you have to watch your back because a lot of companies want to get advantage. They offer you a good deal in any product, but is so much information hidden or they don't say anythig about it.

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  3. BernardineSeptember 17, 2009 at 4:58 AM

    I also agree, to me changing an interest rate without notifying the cardholder is an unfair decision against the cardholder. There definitely should be some advanced notice of the rate change.

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  4. MickiSeptember 27, 2009 at 8:32 AM

    I absolutely agree that if the terms are going to be changed, there should be advanced notice but if the agreement signed by the cardholder states that the interest rate or other terms can be changed without notice, they have no recourse. I have a card like that and I just choose not to carry a balance. They can change the terms all they like - it doesn't affect my wallet.

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  5. Dawn HorwitzDecember 15, 2009 at 9:13 AM

    I hate that the credit card companies have been adding fees and changing rates. But I'm sure that most of us, when signing up for the card, agreed to the terms that stated they could do so without any warning. I guess we could all learn a valuable lesson by this and start reading the fine print.

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