The New Credit Card Rules

Nowadays at least one has a credit card. But how many people really know how credit cards work? Maybe you know about interest rates and late fees.

Very recently, a new legislation regarding credit cards has been introduced.Carefully read on, if you are interested in what this new legislation allows card users.

One of the most important changes that has been made is having the credit card companies give their clients a heads up regarding their interest rates being raised. A very good news now is they get roughly two months notice before the rate increase happens. And also having your credit limit will now require your express permission.

Not later than 21 days before it is due, banks handling your cards will send you your monthly billing statement. Because of the billing that is on time, you can avoid the punitive late fees now.Due to banking weekend or holiday hours there will be no longer be late fees. What this means is that if your due date is on a Sunday, you will not get penalized if your payment doesn\’t go through until Monday.

If you see certain changes that you dislike regarding your account, now you have the right to close your account. You have to pay the balance if ever you are going to close your account.

This new legislation has consideration for the younger generation as well. Under the new legislation, card companies will have to stay away from the younger people as they are not allowed to issue credit cards to anyone under the age of 21, unless they can prove they have the ability to repay the debt, or they have a cosigner, over age 21, who has the ability to repay the debt. The young will be protected from being in debt in this way. Your credit card costs should be less, therefore.

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