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
?
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.
?
Payment must be applied to whichever debt on the card has the highest interest rate (say, a cash advance rather than a new purchase).
?
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
You might also like to view...
Profit rate tends to decrease over the life of the retained customer due to increased purchases,
referrals, price premiums, and increased operating costs to service. Indicate whether the statement is true or false
Matterhorn, Inc. had the following sales for the past six months. Matterhorn collects its credit sales
30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $50,000 $50,000 February $70,000 $110,000 March $55,000 $95,000 April $78,000 $130,000 May $80,000 $105,000 June $75,000 $148,000 What are Matterhorn's total cash receipts for the month of March? A) $150,000 B) $119,000 C) $154,500 D) $99,500
CompuMark is a company that provides marketing and computer expertise to companies who want to set up their own Web sites. The owners of the company believe they need to improve customers' perceptions of the service provided by CompuMark. As a result, the owners hired a service marketing research company to conduct research about its customers' expectations. The research was appropriately designed, executed, and presented to the owners. Discuss the two most likely occurrences at this point in the research process. What is the role of the service marketing research company in determining what the owners of CompuMark will do next?
What will be an ideal response?
______ listening is motivated by the need to understand and retain messages.
A. Active B. Discriminative C. Ethical D. Comprehensive