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CREDIT CARD ACT OF 2009
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (simply named Credit CARD Act of 2009) is an US law signed by President Obama on 2009, into effect on February 2010.
Credit CARD Act of 2009 includes the credit card reform legislation and comprehends many provisions helping the Cardholders against Arbitrary Interest Rate Increases.
Here a quick and simple summary of the Credit Card Law regarding the protection of credit cardholders; the limits on interest rate, fee, and finance charge increases applicable to outstanding balances; the use of terms clarified.
1) The card companies should provide a written notice of an increase in an annual percentage rate not later than 45 days prior to the effective date of the increase.
2) The cardholders should have the right to cancel their card and pay off their existing balance at the existing interest rate and repayment schedule if they get hit with an interest rate hike; the cardholders have 3 billing cycles after the rate increase to say no to the new terms.
3) The card companies should not retroactively increase the interest rates on the existing balance of a cardholder in good standing.
4) The card companies should't arbitrarily change the terms of their contract with a cardholder (banning the "any-time, any-reason repricing").
5) Cardholders who pay on time should not be penalized. So the card companies can't charge interest on debt that is paid on time during a grace period and can't slap fees on the remaining interest-only balance of a cardholder who has paid the bill on time.
6) The card companies should give the cardholders time to pay their bills so the card companies have to mail the billing statements 21 calendar days before the due date (not just the current 14 days).
7) The due date should fall on the same day each month. If the fixed due date falls on a Saturday or Sunday or legal banking holiday, then the due date shall be pushed back to the next business day after the date.
8) Every statement should show a phone and internet address that a cardholder can access for payoff balances.
9) The card companies should not use misleading terms (ex. fixed rate or prime rate), on the contrary have to set definitions of those terms.
10) The card companies should offer consumers the option of having a fixed credit limit that cannot be exceeded.
11) Card Companies shouldn't require cardholders to pay off a lowest interest rate balances first. The card payments have to be applied to the debt with the highest interest rate first (after minimum payment).
12) The Card Companies should not charge limitless fees for going over credit limits. Also all the fees for subprime cards, whose total fixed fees over a year exceed 25 percent of the credit limit, be paid up front before the card is issued.
