Credit Card Laws

Credit card laws have changed and the changes are supposed to be good for the consumer.

Supposedly they are to make it easier to understand their terms but so far I haven't noticed that to completely be the case. You still need to sit down and read all the terms before you apply for a credit card, whether it be a bank card of a store card.

Statements are now required to inform credit card holders how long it will take to pay off a balance and what it will cost in interest if they only make the minimum monthly payments. Look at these because if you have a big debt and pay minimum payments only, you are going to get soaked!

There is to be no more sudden charges or changes to terms and conditions. The credit card companies are now required to give at least 45 days notice if they are going to change terms and conditions.

Supposedly companies will have to mail statements 21 days before the payment is due, not 14. I'm not seeing this to always be the case though.

I can't emphasize enough the importance of reviewing the credit card terms thoroughly and making sure they follow the credit card laws.

More Credit Card LawsIf you really want to take some time to read about all the credit card laws and your rights, check out the FDIC site.