The newest credit card laws of 2010. Rules take effect as of now, marking a huge, significant turning point for American consumers.
For a long time, credit card companies have had once ruled the empire of free rein to employ deceptive, sneaky tactics that hit up responsible consumers with incredibly unreasonable costs. But now, we are moving this balance of power back to us, the consumer, and we are now holding cc companies accountable for their actions.
All the cash we THOUGHT was going towards our computer, was instead diverted toward smaller purchases that we would have preferred to pay off at a later time.
Beginning Monday February 22, 2010 the cc company act of 2009, signed into a law last may which will end what consumers have called unfair, deceptive and sneaky business tactics.
Be careful of these rule changes. Number 1, stick to a fixed card rate, be careful and review your rewards program options, there is a possibility that new service fees are incorporated for these programs. Be cautious of foreign use of cards. There are companies which may drill you with heavy fees for using your card in foreign transaction territories which could mean online transactions.
Finally, under new laws, you may have to think about canceling a few of your cards.
The Consumer groups mention that the law is a great beginning step in protecting customers from the more insane tactics of the cc companies but those companies still have some tricks up their sleeves, so consumers still need to be on alert.