Today, part of the new credit card changes go into effect. How does this effect you?

1. What credit card issuers are required to do:

* Give at least 45 days notice in most cases before changing rates or fees
* Not count your payment as late unless they mailed your bills at least 21 days before the due date

2. What issuers are not required to do:

* Warn you about credit line reductions or account closings
* Warn you of a rate increase if your payment is 60 or more days late.

The most significant part of the law does not go into effect until February 2010! To stay abreast of this issue, stay tuned to Wise Women Investor!

This entry was posted on Thursday, August 20th, 2009 at 12:36 am and is filed under General Interests. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.