Credit CARD Act of 2009

The Best Credit Cards for Stay-at-Home Spouses

October 16th, 2012 by Jason Bushey

Student Credit Cards: Do You Really Need a Co-Signer?

March 12th, 2012 by Joshua Heckathorn

The Credit Card Act of 2009 bans credit cards for young adults under the age of 21 unless they can show proof of sufficient income or secure a co-signer. Most students are aware of this change now that it's been a few years since the act was signed into law, but what's confusing is there are still plenty of student credit cards on the market that claim "no co-signer is required."

I was even confused the first time I saw this offered after the new rules took effect, so what's the deal? Are co-signatures really required or not for student credit cards?

How the Credit CARD Act Helps You

April 13th, 2011 by Logan Abbott

In an effort to create greater transparency between customers and credit card companies, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD) introduces consumer-friendly litigation that regulates how banks control credit card fees. Notably, the new law standardizes how a bank can increase interest rates, change introductory offers and delinquent payments.

Buy Me Some Beer, and Then Cosign My Credit Card

October 15th, 2010 by Joshua Heckathorn

What's a college student to do when he's not old enough to buy a six pack of his favorite brew? He simply asks his older frat brother to buy it for him, of course. And now that the CARD Act restricts anyone under 21 from acquiring a credit card without an adult cosigner or proof of ability to pay, students are using the same old tactic in order to skirt the intent of the law.

Third Phase of Credit CARD Act Finally Arrives

August 19th, 2010 by Joshua Heckathorn

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Has it not felt like an eternity since President Obama first signed the Credit CARD Act into law? Here we are almost 15 months after the stroke of his pen, and we're still waiting for the final round of new credit card rules to take effect.

Fortunately, we don't have to wait much longer. Beginning August 22nd, here are five of the final key changes you should expect to see from your credit card companies:

No More "Free" Reports from FreeCreditReport.com

April 1st, 2010 by Joshua Heckathorn

big_freecreditreport

I checked out FreeCreditReport.com today because I was interested to see what changes have been made in light of the new rules that take effect this week.

As you might recall, new regulations that were part of the CARD Act of 2009 require free credit report advertisers to clearly state that there's only one authorized place to get a truly free credit report—AnnualCreditReport.com. The deadline to make this change for online advertisers is April 2nd, while the same requirement for TV and radio ads doesn't take effect until September.

Wells Fargo Jumps Off the Wagon

March 18th, 2010 by Joshua Heckathorn

WF Wagon Photo by Art Poskanzer Higher interest rates for new credit card offers have become the norm in recent months. Credit issuers that quickly jumped on the rate-jacking wagon last year have blamed the increases on tighter regulations set forth by the CARD Act, difficult economic conditions, and increased risk in consumer credit markets.

CARD Act of 2009 Takes Effect Today

February 22nd, 2010 by Joshua Heckathorn

[caption id="attachment_1263" align="aligncenter" width="500" caption=" "] Capitol and flowers Photo by Silver 7 Photography[/caption]

It's been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.

Unfortunately, there's nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn't let the day pass by without at least mentioning the significance of the new rules taking effect.

Better Safe Than Credit-Less

February 10th, 2010 by Joshua Heckathorn

[caption id="attachment_1239" align="aligncenter" width="500" caption=" "] Girl holding cards Photo by Andy Newson / FreeDigitalPhotos.net[/caption]

In spite of all the consumer-friendly changes the CARD Act of 2009 will bring to the credit card industry, there's absolutely nothing that will stop credit issuers from continuing to slash credit limits or close accounts whenever their little hearts desire.

For some changes, such as new annual fees or revamped rewards programs, they may need to provide you with 45-days' advance notice, but there's no such rule in the event of an account closure. In fact, they don't even need to give you prior notice at all.

Fiore Pokes Fun at Credit Card Reform

January 14th, 2010 by Joshua Heckathorn

In response to the CARD Act, credit card companies are desperately seeking to boost profits by resurrecting old fees and creating new ones.

The long-lost inactivity fee is one that's been receiving a lot of attention in the media lately. Use your card too much, and you end up in debt. Use your card too little, and your credit issuer will slap you with a nasty inactivity fee for basically not being profitable enough.

Credit CARD Act of 2009