Did you know there were some new credit card rules for credit card companies starting in Feb 2010 released by the US Federal Reserves?
If you have a credit card, you better start reading, just so that you know your rights and is being charged the right way and paying the right rates, fees and limits.
Sane people would have thought that the following should have been standard practice, but alas, they aren’t and has just recently been added to the “new credit card rule”, duh!
– The credit card company must tell you how long it will take to pay off the balance if you only make minimum payments.
– If the credit card company raises the interest rate, it can only apply to new charges.
– The due date to pay the balance must be the same each month.