Credit Card Reform

We are getting credit card reform from Uncle Sam. The Credit Card Accountability Responsibility and Disclosure Act or Credit CARD Act for short was signed into law this spring and most of it goes into effect next February. It is the most wide ranging credit card reform we have ever had and it couldnt have come at a better time.
Wondering what all the reforms mean to you and the cards in your wallet? The Shopping Queen is here to tell us what to expect.

Category:

Howto & Style

Tags:

• Shopping Queen
• Credit Card Reform
• Credit Card Charges
• Banks
• Fatima Mehdikarimi

[montemendoza]

Thank you for the information. I want to learn all that I can about this new phase of credit card changes that begin on February 22, 2010. The part I love the most is that when a consumer pays more than the minimum amount that is due, any extra payment amount must be automatically applied to the balance with the highest interest rate. They used to apply extra payment amounts to the balance with the lowest interest rate so that it would take longer for the debt to be paid off by the customer.