If you hold a credit card you've probably noticed that you rates have increased. That's in anticipation of legislation signed May 22nd that became effective August 20th. Regulations are phased in and the final portions take effect February 22, 2010.

Wonder how your increased rate compares with others? According to the Washington Post Pew researches reviewed the lowest advertised rates of nearly 400 credit cards and found that they rose two percentage points, a 20 percent increase, since December.

45 day notice- for rate hike or other significant changes- you can decline the rate hike and pay off the card. Any new charges to the card would be at the new rate. Old requirement was 15 days notice.

Bills arrive - the old rule was 14 days until the bill was due, the new rule is 21 days

Rate increase for late payment AFTER 60 days instead of effective immediately and must be lowered after 6 months of paying on time.

Under 21- Co-signers for those under age 21- and credit card companies on college campususes must disclose agreements with those schools and no 'free gifts' for signing up.

Other inclusions: Bill will indicate when the balance will be paid off at the present rate. Payments will be applied to highest rate balances- such as a cash advance.



Citations:



co-signers


no free stuff


Discussion of effective dates



Marion R. Syversen, MBA - President
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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Disclosure:
Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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