New Credit card rules, laws takes effect

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New Credit card rules, laws takes effect - check here

Scott G

22 February, 2010

The new credit card rules are finally here. Here are the new credit card rules which take effect Monday, February 22, 2010. Also these changes will apply to personal credit cards only. Check out the new credit card rules and laws here.

The new credit card rules are finally here. People had been waiting for the new credit card rules since quite some time. People have been asking questions like what are the new credit card rules, what are the changes in the new credit card rules, what are the new credit card offers and laws, what are the new credit card regulations etc.

Here are the new credit card rules which take effect Monday, February 22, 2010. You may have a closer look at your next credit card bills. Also these changes will apply to personal credit cards only. So if you corporate or business card, the new laws and rules do not apply. Check out the new rules for credit cards here:

Youngsters who use credit cards will be protected by additional rules. Those who are below the age of 21, will be required to show and justify how they will pay off their debt or have a consigner. The new credit car law restricts marketing of credit cards on college campuses.

The new credit card law restricts certain fees. It will have no over the limit fees unless the customer actively opts in to this service. Fees will not be imposed for the manner in which the customers pay their bills.

Customers will get even greater protections from interest rate increases. Nearly, all interest rate increases on the outstanding balances will be prohibited.

Credit card statements will arrive 21 days before the payment is due, up from 14 days, thus to help avoid late fees.

Payments will be applied to highest interest rate balances first, making it easier for customers to pay off their balances faster and more cheaply. Double cycle billing is completely eliminated.