Today is Credit Card Act Day, the day when the long-awaited and much discussed changes to your credit card bills kick in.
Signed last May, with some parts slowly taking effect over the last few months, the full force of this law kicks in today.
Credit card companies began adjusting to the laws last fall, but you should still keep a close eye on your credit card statements over the next few months to hold the companies accountable and ensure they are following the law.
Most news outlets, including the Associated Press, are providing consumers with a full run down of the changes. Here’s a summary of the new laws, how they might affect you, and what you should keep in mind when exploring new cards.
More stable interest rates. Interest rates have not been capped, but there are more limits on how and when a card company may change your rates. If a card company is to change your rate, you must be given 45 days advance notice before it kicks. Also, the rate on existing balances can’t be raised unless you’re 60 days or more overdue. Previously, a card company could change the interest rate on past debts on short notice, leaving you stuck with a quickly ballooning bill. Now,
Tags: Changes, Credit Card