5 new rule changes for credit cards
October 22, 2009 // Posted by: Insider // Category: Credit Cards
There are a set of new credit card regulations that have been put in place which has changed the relationship between you, the card holder and your credit card provider. These changes will take effect by 2010 and many of these changes are meant to benefit you. The 5 new rules that favor you are:
• Sufficient time to pay bill- card holders has been given enough time to pay their bills pushing from the current 14 day notification to 25 days.
• Proper and timely appraisal of rate increments- 45 day notice if there is any interest rate increment and 3 billing cycles.
• Right to determine on credit-consumers now has an option to fix their credit limits and it cannot be exceeded.
• There is no more general default-credit cards no longer increase the interest rate on your account
• Fair allotment of payment