Quick Credit Cards

The new Credit CARD Act went into effect on Monday, and while it stops a lot of bullying credit card companies have gotten away with for years, it doesn’t cover everything.

Credit card issuers can’t raise your interest rate without sending you a 45-day advance notice, but they can impose new fees, like an inactivity fee if you don’t use your credit card for a certain period of time. They can also raise your rate if you have a variable interest rate, that is, a rate that moves when the prime rate moves.

There is no Federal cap on the interest rate credit card issuers can charge and in some states, competing credit card companies are the only thing standing in the way of astronomical interest rates.

Credit card issuers have to warn you if they change your credit card terms, so pay attention to mail that comes from your credit card issuer. Whether it’s included with your billing statement or in a separate envelope, read it or you may miss the opportunity to reject those changes.

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