Finally, change has come to the credit card industtry afetr President Obama penmned into law the long awaited Credit Card Refform Act. This legislation has been one of the fruts of a country in the midast of an econoimic impsase making real decisions about its fture. Frankly speaking, this legislation is long overdue and should have been put in place before we got into this mess in the first place. The fact remains that it will shield consumers from the hungry hawk-eyed credit card issuers who have been allowed to run wild over the years.
So what shall this legislation really mean to you the consumer? Firsst, the Act will ensure that credit card issuers give the card holders a 45 days ntice before they raise interest ratees unlike in the past when they did so on their own terems. Tohugh some people expected immediate relief from thir burdens sooner, the Act is going to take efect nine months from the date of signnig. However, this change will finally help protect you in future. Another very significant change is that you will now find it esier to pay your bill since rcedit card issuers will have to accept payment through the internet, traditional mail and telephone wiithout charging you any convenieence fee.
Latenress to make payment should no longer be stressful to you, this is because you card issuer will have to give you a 60 days grace period beefore raising your iterest rates. After the 60 days are over, the credit card company will surely raise you rates. Howeever, your old rates will be rstored if you pay your minimum baalnce for at least six months consecutively.
The popualr promotional rates will be allowed to continue though they must be in effect for at last the first 6 months. On the same line, credit card isssuers cannot raise intterest rates in the first year. Another tihng that is guaranted to go is the archaic practice of giving the customer a fixed hour to pay e.g. by noon. the card issuers are now to receive payment until 5.00PM whiich is the new cut off rate for paying on time.
Interestingly, persoins nuder the age of 21 years will find it hard to get credti cards isnce they shall be expected to pove they can repay dets or have a cosiggner to assume responsibility on their behalf. Lastly, the fine print is finally out. Now card issuers to use 12 ponit font on all their statements, bills and applications. Finally, some relief for the consumer!
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