Monday, February 22, 2010

New Credit Card Rules

Welcome to the "new world of credit cards"! What's so new? New rules set by the CARD Act which attempts to make the experience of being a credit card user less onerous.

Here's a look at some of the changes that take effect Monday:
- Interest rates can't be raised on existing balances
- Due dates must be the same every month.
- Firms can't charge overlimit fees without your permission.
- No more two-cycle billing.
- Minimum payment disclosures.
- No marketing to college kids.
Here's hoping that these new rules really do improve things for consumers, and are not overwhelmed by unintended consequences.

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