Most of us have heard grumbling about the long delay before the new credit card rules go into place. Most of the changes won’t occur until mid-2010, but there are some important rules that will go into effect sooner. They are:
#1: 45 Days Written Notice of Change to Terms
Any significant changes to the terms of the account must be detailed in writing 45 days before the changes take place. This also goes for interest rate hikes. This gives card holders a reasonable amount of time to opt out of changes they don’t like. Prior to this change, creditors were only required to give 15 days notice.
#2: Written Notice of the Right to Cancel
Along with the written notice of changes to interest rates and terms, card issuers must provide cardholders with written notice of their right to close their account instead of agreeing to the new terms.
#3: Fair Due Dates (in February)
Credit card bills will be due on the same day every month to make it easier for cardholders to pay their bills on time. If the due date falls on a weekend or holiday, the payment cannot be marked as late if it’s received the next business day.
For the full set of rules that will go into effect by 2010, visit www.consumer-action.org and search for “new credit card provisions”.
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