Fed Issues Final CARD Act Rules-Limits Credit Card Late Fees

Visa Credit Card

The Federal Reserve issued its final rules as part of the CARD Act of 2009. Their new rules work to help protect consumers from high late fees and other penalties.

Here’s a rundown of the new rules:
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Credit Card Benefits

credit card wallet

Credit cards get a bum rap sometimes.

Yes, they can charge high interest and have exorbitant fees, but if you pay your balance every month and on time you aren’t affected.  For a vast number of people, cards cards are a great tool which comes with some nice benefits.

Here are some benefits of using a credit card:

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How An Excellent Credit Score Has Helped Us Save Money

Home Savings

Having excellent credit scores has helped my wife and I save in many ways over the years. We didn’t always have great credit scores.  Both my wife and I had our periods of credit card debt.  Along with that came the occasional late payment and the regular stealing from Peter to pay Paul lifestyle.  But we both wised up and, over time, eliminated our credit card debts.  With that came better and better credit scores.  We’ve discovered that having a good, or great, credit score has its benefits.
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New Credit Card Act In Action – Effects of Not Paying in Full

Amex+Credit

I received my American Express Blue bill recently.

When I opened it up the bill looked a little different.  To my surprise there was specific information that now appeared as a result of the new credit card rules from the Credit Card Act that took effect in February.
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New Credit Card Rules Take Effect

Today is the day credit cards change ways they do business. Most of the rules in the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 are going into effect today.

Here is a rundown of what changes are taking effect (for more details see my article The Credit Card Accountability, Responsibility, And Disclosure (CARD) Act Of 2009- Effect On Credit Card Holders:
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Pay Off Highest Interest Or Highest Balance Credit Card – Analysis Paralysis

Choose

The question comes up all the time when a person wants to start getting their credit cards under control – Pay off the cards with the highest interest or the cards with the highest balance?

On the one and you have high interest credit cards – A high interest rate costs you every month and compounds the amount you owe every month you aren’t paying off the entire balance.  High interest costs you for what you borrowed.  For some people the interest rate can close in on 30%.  That’s basically agreeing to pay one third more for everything you bought on the card (or more depending on how long you owe)!

On the other hand you have high balance cards – You’ve used the card so much that the balance may be in the thousands and no matter what you are paying the balance doesn’t seem to ever go down.  Even if you have a low interest rate you may be paying a lot of interest because of your high balance.
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The Credit Card Accountability, Responsibility, And Disclosure (CARD) Act Of 2009- Effect On Credit Card Holders

In the last year or more, credit cards and the laws that govern the industry have come under serious scrutiny due to the large amounts of individuals and families facing serious debt problems involving credit cards.  Card holders have been subjected to stiff fees and increasing interest rates for seemingly no reason, leaving many so far behind in payments, they had no where to turn.  As the credit card industry began to spiral seriously out of control, Congress finally began to take action on behalf of the affected consumers.

Credit card practices have been unfair and deceptive for quite some time
and changes need to be made to continue a healthy economy.  In May 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.  The action was meant to create more protection for consumers and halt unfair and hidden fees they were being charged for being a credit card holder.
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