Posts Tagged ‘credit card interest rates’

The CARD Act: Significant Credit Card Regulation

For years consumer advocates have been complaining about the lack of disclosure and transparency to consumers by the credit card industry. The CARD Act, which largely goes into effect at the end of February, 2010, aims to address some of these complaints.

The CARD Act’s provisions can be divided into four sections:

One: Regulations on Interest Rates and other Fees

While the CARD Act does not put any sort of limit on interest rates, it does regulate how and when credit card companies can increase them, and states that credit card companies must give advance notice (at least 45 days) of any increases before they occur. 

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