Creditnet News Story
What the new credit card laws mean for consumers
Saturday, June 19, 2010
By Danielle Robson
Because of the new credit card laws, lenders are now constantly trying to find new loopholes to ensure they get the most profits they possibly can.
One unwanted side effect of the new CARD Act is that companies are now ending some credit card programs that would have benefited consumers - like those that give out rewards - and replacing them with complicated plans, according to a Reuters report. All those pieces of mail informing consumers that their credit card program is changing shouldn't just be thrown in the trash, but rather read carefully to make sure the program is still one of which they want to be a part.
Fortunately, the Federal Reserve recently introduced a website that allows consumers to access a searchable database of all current card agreements, the report said. This will allow consumers to read the fine print before they even apply for a card.
According to USA Today, the Fed also revealed new rules governing how much card companies can charge for late fees. One of the new protections that was introduced prohibits lenders from charging a late fee that exceeds the minimum payment a consumer could make.
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