Bits and Snippets of the Philippines

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New Credit Card US Federal Law goes into effect

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The Credit Cardholders’ Bill of Rights Act has three separate implementation dates, 90 days, nine months and 15 months. Now that it has been nine months since the legislation was signed into law, the following provisions started today:

  • Issuers can no longer charge arbitrary interest rate increases and universal default on existing balances;
  • No more over-limit fees unless the cardholder elects to allow the issuer to complete over-limit transactions;
  • Payments in excess of the minimum must be applied first to the credit card balance with the highest rate of interest;
  • No more early morning deadlines for credit card payments;
  • No more interest charges on debt paid on time;
  • Issuers must get the signature of a parent, guardian, or other individual 21 years or older when extending credit to young consumers under the age of 21

Source: Atlanta Business Chronicle


Written by Raffy Pekson II

February 23, 2010 at 1:22 am

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