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 issuers must now give you 45 days notice before making changes to your rates or fees. T
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.
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.
Plastic cards such as credit and debit cards have become increasingly popular over recent years, with many consumers realising that plastic offers a convenience, fast, and flexible way to make payments for purchases, and means that they do not have to cope with the risk and hassle of carrying around cash or using cheque books to make payment for their purchases.
Many consumers have multiple credit cards in addition to their debit card, and use cards to pay for pretty much everything they buy.
However, whilst plastic cards are popular across the board a recent report has suggested that there is something of a geographical divide when it comes to the popularity of plastic payment cards.
One of our forum readers, Nathan_K, has a charge-off from his gas company. He wants to pay in exchange for having the charge-off deleted from his credit report. Do you have any suggestions for how he could convince the gas company to remove the charge-off in exchange for payment? Help him out in the forums.
Credit cards are far from one size fits all and the big names in lending know it. That’s why they’ve devised each credit card to target a specific demographic and income level. Whether it’s so you can get the most rewards out of the credit card or it’s so the credit card companies can get the most profit from you is debatable. Either way, it’s interesting to see the vast differences between luxury credit cards and plastic for the poor, unemployed and possibly even bankrupt. Check out some of these outliers on either side of the spectrum.
Centurion, literally, means an officer in the Roman army. In other
— Admin @ 2:11 am — 
February 19, 2010