Consumer Protections on Credit Cards Kick In

Consumer Protections on Credit Cards Kick In

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creditcard.jpgIn the past, credit card companies could raise your rate without any notice. But not any more. As of yesterday, the rules have changed in your favor, thanks to the Credit Card Accountability, Responsibility and Disclosure Act passed by Congress.

Credit card issuers now must give borrowers at least three weeks to make their payments, as well as 45 days’ advance notice of any rate change. During that time, consumers can search for a better deal, or close their accounts and pay off the balance at the old rate.

(Read or listen to the whole story at NPR)

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