Posts Tagged ‘credit card act’

Credit Card Rate Hikes Require Warning

July 25, 2009

“Credit card users will have 45 days notice of rate increases and changes in terms, and more time between receiving a bill its payment being due, starting Aug. 20, according to a Federal Reserve rule implementing the Credit Card Act.      Credit card companies also must review each consumer account whose rates have been increased, to consider whether changes in the conditions leading to the increase call for a reduction in rates. Each of these accounts must be reviewed automatically at least once every six months, and credit risk calculations are not to take these reviews into account.”