New Credit Card Changes – important points!

February 22, 2010 sets the beginning of the credit card rule changes. Although the majority will change on Feb 22, some will be delayed until August 2010. Here is a highlight of many important changes:

-Universal Default as discussed in the last article will be limited to future balances after late payments occur.
-Interest rates limitations with consumers being notified 45 days prior to changes.
-Limited credit extended to younger adults.
-Consumers have the choice to Opt-out of existing cards.
-Due dates and times made clearer.
-More time to make monthly payments.
-Fees charged for going over the limit will be reduced.
-Highest interest rate balances paid FIRST.
-The end of double cycle billing
-Showing consumers the consequences of making minimum payments monthly.
-Limited fees charged to sub-prime credit card holders.

In depth description of these changes will be explained in coming articles.



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