Did you know your credit card rights were changing?
Protection From Arbitrary Rate Increases
Credit card companies are now required to provide cardholders with a minimum 45-day notice on any interest rate increase, allowing consumers enough time to consider their options. Additionally, most promotional APRs will be required to last for a minimum of 6 months.
The Right to Have Rates Reviewed and Reduced
Issuers are required to review APRs of all accounts every 6 months to see if a reduction in APR is warranted.
No Universal Default
Drawing on credit reports from other issuers, credit card companies used to be able to raise interest rates to the default rate if the cardholder defaulted on another credit card. Now, they can only focus on the cardholder’s payment record concerning their particular card.
No double-cycle billing
Double-cycle billing allows for credit card companies to compute finance charges based… read more