Quick Credit Cards

In just a few days, credit card companies will have to abide by a string of new laws that restrict them from their old predatory habits. But that doesn’t mean they won’t pull some new rabbits out of their hats in hopes of having you pay more. Yesterday, CNN Money Blogger, Ismat Sarah Mangla, reported that she’d received a notice from Citi announcing a new annual fee on her credit. “Charge more, pay us the fee, or close your account” was the message they’d sent in her in a letter. For now, she’s choosing the fee option in hopes that years of being a good customer will help her get the fee waived later on.

Don’t be surprised if the new fees keep coming.

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Nine months later, the Credit CARD Act of 2009 is finally going into full effect. We’ve seen banks slowly react to the new laws by working the loopholes, rather than complying ahead of time, but come Monday February 22, 2010, all the provisions of the CARD Act will be law. Here are a few of the key changes to the law that matter to consumers:

Credit Card Disclosures

Credit card issuers must now give you 45 days notice before making changes to your rates or fees. T

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Losing your credit card is very troublesome. The worst thing you want to avoid is your card being stolen. There are so many people who would easily take advantage of it and use it immediately to purchase things they want. If you think you are protected because they cannot copy your signature, think again. Some are very good in forging signatures. It is just a matter of trying to imitate your strokes a couple of times and it can then pass as your real signature after a few minutes. It will be very hard for store owners to tell if the signature was legitimate or not.

No robber will take mercy. They will use your credit card until your credit limit is maxed out.

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Many people are finding it better to close their credit cards these days. Considering that credit cards aren’t as attractive as they once were, I don’t blame anyone for wanting to get rid of a useless credit card. But, make sure you do it the right way.

Wrong: Call customer service and say “Take this credit card and [bleep]!” Hang up. Cut up the card. Ignore future mail and phone calls from the credit card company.

Right: Pay off your balance completely. Make sure closing the card won’t hurt your credit. Call to request your credit card to be closed.

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