Monday, February 22, 2010

New Credit Card Changes: New Credit Card Law 2010

Millions of people are using credit cards for their transactions. But this 2010 there is a U.S. legislation that will sweep to bring in changes in credit card industry. And for now, people in the credit card business and users are expecting good things that this new piece of legislation will bring.

What are the Credit Card Changes on the New Law of 2010?

The new credit card law or legislation was founded on the consumer reports and complaints. The good news is that the new law will address those unreasonable “charges” credit card users are slapped with. More so, it will prevent those mysterious charges that we are asked to pay and will stop us from being bothered by all those promos clogging in our mail box.

Here are the new credit card changes from CreditorWeb:

• blocking card companies from applying higher interest rates on existing balances.
• Late fees could not be charged without giving consumers at least 21 days to make a payment.
• Banning of two-cycle billing
• Any payment consumers make beyond the minimum must be applied to the balance with the highest interest rate or spread proportionally to all balances.

Of course, expect credit card companies will have to resist and lobby their part in Congress as they are expected to loss billions in revenues.

The new credit card law will take effect in July 2010.

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