Discuss the major provisions of the Credit CARD Act


The major provisions of the Credit CARD Act are:
Due dates:

- Must be disclosed

- Must be set for the same time each month and occur at the end of a business day

- Bill must be mailed at least 21 days ahead of time

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Increases in rates and fees:

- Are not allowed on any charges already incurred (until a cardholder has missed two consecutive payments)

- Are only permitted for future purchases if credit card company provides 45 days' notice to the consumer and permits cancellation of the card

Late payment fees are limited to $25 for first event and $35 thereafter.

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Payment must be applied to whichever debt on the card has the highest interest rate (say, a cash advance rather than a new purchase).

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Consumers have the right to set a fixed credit limit. Consumers cannot be charged a fee if the company accepts charges above that limit unless the consumer has agreed to the fee. Only one overlimit fee per statement is permitted.

People under 21 cannot obtain a credit card unless they have income or a co-signer

Business

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A post-closing trial balance should be prepared before the financial statements are prepared

Indicate whether the statement is true or false

Business

Provide an example of a service that lies at each end of the tangible-dominant to intangible-dominant spectrum

What will be an ideal response?

Business

Which of the following correctly pairs a product with the stage in its life cycle?

a. checkbooks: growth b. credit cards: maturity c. 3-D televisions: obsolescence d. smart cards: decline

Business

The case that involved two ships both of which were named "Peerless" is:

A) Fisher v. Bell. B) Konic International Corp. v. Spokane Computer Services, Inc. C) Lucy v. Zehmer. D) Wilson v. Western National Life Insurance Co. E) Raffles v. Wichelhaus.

Business