Quick Credit Cards

When the new credit card law goes into effect on February 22, your credit billing statement will include a lot more information than what you’re used to. The new law requires credit card issuers to give certain disclosures about paying your credit card balances.

Minimum Payment Disclosure

Your billing statement must include a minimum payment warning that clearly lets you know that paying the minimum will increase the amount of interest you pay and lengthen the time it takes to pay off your balance. You’ll also get details on the amount of time it will take to pay your balance at the minimum payment and how the payment you must make to pay your balance in 36 months.

Late Payment Disclosure

If your credit card has a late fee, your credit card issuer must disclose the penalty for making a late credit card payment, that includes the amount of the fee and the date the fee will be charged. Any penalty interest rates must also be listed on your credit card billing statement.

Find out more credit card rules going into effect on February 22:

• Complete Details of the Credit CARD Act of 2009
• 10 Key Changes of the New Credit Card Rules
• Credit Card Changes for Teens and Young Adults

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