Last month, the Credit Card Accountability, Responsibility and Disclosure (CARD) ACT was signed into law. According to administration officials, CARD will "give consumers greater protections and a fairer deal when they choose to use credit cards."
The CARD Act:
- Restricts retroactive rate increases
- Provides more advance notice of rate hikes
- Increases time to pay bills
- Applies payments to highest rate balances first
- Eliminates universal default
- Requires an opt-in for over-limit fees
- Restricts college credit
For more details on each of these provisions and to see the full article on smartmoney.com, click here.
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