New Credit Card rules that will take effect July 1, 2010
Published On March 9th, 2009
Finally some sensible credit card rules have been passed to go into effect as of July 1, 2010. According to Demos a pubic policy research organization 1. Prohibit banks from retroactively increasing the interest rate their customers must pay on existing balances. 2. Prohibit banks from allocating payments to lower-rate balances first to maximize finance charges 3. Ban the practice of "double-cycle billing" which calculates interest over more than one month, and can result in higher finances charges 4. Eliminate upfront fees on so-called fee harvesting credit cards when they eat up the majority of the available balance on the cards 5. Require banks to provide consumers a reasonable amount of time to make payments. We'll see how the implementation of these rules actually play out with the sneaky credit card companies. Undoubtably, it is defenintely a step in the right direction!
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