Post Content

 

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.

Written By:

Recent Posts

Consumer Advisory: IRS Tax Preparer Fraud posted on Feb 10

  As the April 15th deadline to file taxes approaches, the Office of Consumer Affairs and Business Regulation is warning consumers about fraudulent tax return preparers. The IRS defines tax return fraud as the preparation and filing of tax returns that contain false or inaccurate   …Continue Reading Consumer Advisory: IRS Tax Preparer Fraud

Purchasing a vehicle this President’s Day? Here’s how Massachusetts law protects car-buyers posted on Feb 9

  President’s Day is synonymous with nationwide car deals.  Dealership car sales increase by about 25 percent during this holiday weekend, according to Ray Zhou, a senior analyst for car shopping website Edmunds.com.  If you choose to take advantage of reduced prices and purchase a   …Continue Reading Purchasing a vehicle this President’s Day? Here’s how Massachusetts law protects car-buyers

How skimmers are getting away with theft at the gas pump posted on Jan 29

How skimmers are getting away with theft at the gas pump

  Skimming is the latest trend to reach into consumer’s pockets around the United States. Here’s some information that anyone using a credit or debit card at ATMs and gas pumps need to know. What is Skimming: Skimming refers to the theft of credit and   …Continue Reading How skimmers are getting away with theft at the gas pump