Third Phase of New Credit Card Rules Begins August 22
The third phase of the Federal Reserve's implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009 went into effect yesterday. What do the new rules mean for you?
New Credit Card Rules (Partial description)
Source
Federal Reserve
New Credit Card Rules (Partial description)
- No inactivity fees.
- Prohibits late fees greater than $25 in most cases.
- Prohibits multiple penalty fees based on a single late payment.
- If your credit card company increases your APR the rate increase must be re-evaluated every six months.
- Gift cards will have expiration dates of 5 years from the last load.
Source
Federal Reserve
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