3 Surprising Things in the Credit CARD Act
May 22, 2009 by Miranda Marquit
Filed under Finance
A lot of space in the blogosphere has been given over to the recent passage of the Credit CARD Act of 2009. And for good reason. This is one of the most sweeping changes to The Way Things Are to come along for quite some time. But here are 3 surprising things in the Credit CARD Act. 3 things you might not have heard about.
- Concealed weapons ban lifted for national parks. This is the biggest surprise in the Credit CARD Act because it has absolutely nothing to do with credit or credit cards. It was just sort of slipped in there. So, if you have a concealed weapon and permit, you are allowed to bring it into the national parks.
- Gift card expiration date rule. It is terribly annoying to get gift cards, and find out that they have expired in 6 or 12 months. Congress now requires gift cards to last at least 5 years before they expire, and for expiration policies to be placed, in all caps and 10-point font, on the card.
- Credit card payoff information. This is my favorite provision in the Credit CARD Act that no one seems to be talking about. Credit card issuers now have to print, on your statement, where you can see it, how long it will take you to pay off your credit card if you only pay the minimum balance. This is great. Many people simply look at the minimum and pay it without considering. Actually seeing how long it will take to pay off the credit card may spur some to take more immediate and drastic action.
Have you found anything else in the Credit CARD Act that isn’t being much talked of?
image source: Junglecat via Wikimedia Commons
But can I buy my concealed weapon with my credit card? Crazy stuff.
I also do not see any relation between lifting ban on weapons in national parks and credit card. The decision to increase expiratory time for gift card is good, but most importantly, it would very effective decision to let the credit card receivers know how long they will get to pay the whole amount, in stead of only the minimum amount.
@FFB: LOL. I guess there is a connection after all!
@Biplb Kishore Deb: I agree that there are some good provisions in the bill; many of them will ultimately help consumers make better choices.
It drives me nuts when Congress adds extra provisions into a bill that have nothing to do with the original intent of said bill. This is how a lot of sneaky stuff gets passed without the general public knowing.
When Congress waves their right hand, watch what their left is doing.