Cardholders’ Bill of Rights: Who Complies?

Earlier this year, the Credit CARD Act of 2009 was signed into law. While many of the “cardholders’ bill of rights” provisions in the law do not take effect until February 2010, there are two that actually take effect later this week:

Credit card statements must be mailed 21 days before the bill is due (instead of the current 14 days).
APR changes must be given to the customer 45 days in advance.

As you might guess, a rash of increased credit card fees and rising interest rates has been seen as issuers scramble to make sure they can get what they can.
The …read more