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U.S. new credit card law set to begin in February (the CARD Act)

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  • U.S. new credit card law set to begin in February (the CARD Act)

    Students under 21 lose credit card privileges

    The most significant changes which have taken place in protecting credit card customers since the Truth in Lending Act in 1968 will be implemented on Feb. 22, 2010. The Credit Card Accountability Responsibility and Disclosure Act of 2009 was passed and signed by the U.S. Congress and President Barack Obama last May.

    When it takes effect, it will include a host of new laws aimed at reigning in what many see as predatory actions taken by the credit card companies. One major result of this new act will make it nearly impossible for individuals under the age of 21 to receive a credit card. Thus making it more difficult than ever for the majority of college students to get credit cards.


  • #2
    Credit-card issuers find creative ways to skirt new law

    Commentary: New fees, 'pick-a-rate' pricing are just some of the latest tricks

    By Chuck Jaffe, MarketWatch

    Between now and Feb. 22 when the new credit-card rules go into effect, you'll see a lot of excited media types talking about all of the good to come out of those regulations, but as a consumer you should worry about what's still on the menu. The card issuers have been cooking up all kinds of new things that their bottom line will find appetizing, but that may make you sick.

    The Credit Card Accountability, Responsibility and Disclosure Act, known as the CARD Act, aims to help consumers deal with card issuers' more troubling policies, but by the time this reform is fully in place, the industry will have moved on to new ways to skin the customer, ways that have become evident over the last few months as the first provisions of the law came into play and financial-services businesses scrambled to squeeze through loopholes.

    I'm not a lawyer. The information I gave is based on certain research. Please review the information yourself to make an informed decision. Also, the information I posted may no longer be accurate.


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