Starting tomorrow, you’ll have 21 days to pay your credit card bill, and at least 45 days advance notice if your credit card company is changed your interest rate, the required minimum payment, or increasing fees.
The changes are the first in a series of reforms signed into law by President Obama earlier this year. Other changes will go into effect in February.
These first changes are important ones for consumers. In recent months, in the run-up to the new rules, credit card companies have been making changes to accounts. Many cardholders, for example, have seen immediate increases in their minimum payments. The new rules give cardholders the option of rejecting the changes, and paying off the remaining balance and not using the card any longer.
There are, however, some things consumers should be aware of. New fees are only required to be disclosed before they are imposed. If a low-rate, or zero-percent rate is about to expire, no notice is required if the new rate was originally disclosed. No notice is required if a credit limit is lowered.
These changes are good first steps toward addressing some of the practices of the credit card industry that consumers have complained about, and help many cardholders who were hit hard before these rules were put in place.
If you have a Ticketmaster account, here’s what you should know about those “free” ticket vouchers posted on Jun 22
You may have been hearing about “free” ticket vouchers in your Ticketmaster account and, like many consumers, assumed this was just another scam. It’s not. Here’s the deal: In 2003, a class action lawsuit, Schlesinger v. Ticketmaster, was filed alleging that Ticketmaster failed to …Continue Reading If you have a Ticketmaster account, here’s what you should know about those “free” ticket vouchers
Using Credit vs. Debit Cards posted on Jun 20
For many consumers, plastic is the preferred currency when making a purchase. But how does a consumer know if he/she should use a credit card or a debit card? What is the difference between a credit card and a debit card? Credit cards use …Continue Reading Using Credit vs. Debit Cards
Summer Series: Nail Salons posted on Jun 14
The arrival of warm weather means it’s time to trade your heavy shoes for some summer sandals. And for many consumers, the start of “flip-flop” season also means a trip to the nail salon. Manicurists, along with cosmetologists and aestheticians, and the salons where …Continue Reading Summer Series: Nail Salons