{"id":1468,"date":"2022-11-11T12:18:34","date_gmt":"2022-11-11T12:18:34","guid":{"rendered":"https:\/\/nwdebtdefense.com\/?p=1468"},"modified":"2022-11-30T12:28:56","modified_gmt":"2022-11-30T12:28:56","slug":"credit-card-act-rights","status":"publish","type":"post","link":"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/","title":{"rendered":"Your Rights Under the Credit Card Act"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"Credit_CARD_Act_of_2009\"><\/span><b>Credit CARD Act of 2009<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-66284aa564b69\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-66284aa564b69\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Credit_CARD_Act_of_2009\" title=\"Credit CARD Act of 2009\">Credit CARD Act of 2009<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Credit_Card_Accountability_Responsibility_and_Disclosure_Act\" title=\"Credit Card Accountability, Responsibility, and Disclosure Act\">Credit Card Accountability, Responsibility, and Disclosure Act<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#What_are_the_Changes_Brought_by_the_Credit_CARD_Act\" title=\"What are the Changes Brought by the Credit CARD Act?\">What are the Changes Brought by the Credit CARD Act?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Notice_of_Rate_or_Other_Increased_Fees_in_Advance\" title=\"Notice of Rate or Other Increased Fees in Advance\">Notice of Rate or Other Increased Fees in Advance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#No_Increases_to_the_Existing_Balances\" title=\"No Increases to the Existing Balances\">No Increases to the Existing Balances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#New_Accounts_Wont_Have_Any_Increases\" title=\"New Accounts Won&#8217;t Have\u00a0Any Increases\">New Accounts Won&#8217;t Have\u00a0Any Increases<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Increases_Need_to_Be_Reviewed_Twice_a_Year\" title=\"Increases Need to Be Reviewed Twice a Year\">Increases Need to Be Reviewed Twice a Year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Ban_on_Universal_Default\" title=\"Ban on Universal Default\">Ban on Universal Default<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Payments_Have_to_Be_Processed_the_Same_Day_They_Are_Received\" title=\"Payments Have to Be Processed\u00a0the Same Day They Are Received\">Payments Have to Be Processed\u00a0the Same Day They Are Received<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Payments_Above_Minimums_Must_Be_Applied_Fairly\" title=\"Payments Above Minimums Must Be Applied Fairly\">Payments Above Minimums Must Be Applied Fairly<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#You_Should_Have_Time_to_Make_Payment_During_the_Grace_Period\" title=\"You Should Have Time to Make Payment During the Grace Period\">You Should Have Time to Make Payment During the Grace Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Time_Must_Be_Given_for_Payment_of_the_Bill\" title=\"Time Must Be Given for Payment of the Bill\">Time Must Be Given for Payment of the Bill<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Statements_Having_Penalties_and_Deadlines_Included\" title=\"Statements Having Penalties and Deadlines Included\">Statements Having Penalties and Deadlines Included<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Warnings_Regarding_Minimum_Payments_Must_Show_on_Billing_Statements\" title=\"Warnings Regarding Minimum Payments Must Show on Billing Statements\">Warnings Regarding Minimum Payments Must Show on Billing Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Finance_Charges_with_a_Double_Billing_Cycle_Are_Banned\" title=\"Finance Charges with a Double Billing Cycle Are Banned\">Finance Charges with a Double Billing Cycle Are Banned<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Limited_Initial_Charges_for_Subprime_Credit_Cards\" title=\"Limited Initial Charges for Subprime Credit Cards\">Limited Initial Charges for Subprime Credit Cards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#No_Late_Fees_for_Changes_of_the_Card_Issuer\" title=\"No Late Fees for Changes of\u00a0the Card Issuer\">No Late Fees for Changes of\u00a0the Card Issuer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#No_Fees_for_Payment_Method\" title=\"No Fees for Payment Method\">No Fees for Payment Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Over-The-Limit_Fees_Require_Opt-In\" title=\"Over-The-Limit Fees Require Opt-In\">Over-The-Limit Fees Require Opt-In<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Restrictions_on_Over-the-Limit_Fees\" title=\"Restrictions on Over-the-Limit Fees\">Restrictions on Over-the-Limit Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#No_Penalty_for_Cancellation_Due_to_Card_Changes\" title=\"No Penalty for Cancellation Due to Card Changes\">No Penalty for Cancellation Due to Card Changes<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#What_are_Gift_Cards_and_the_CARD_Act\" title=\"What are Gift Cards and the CARD Act?\">What are Gift Cards and the CARD Act?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Marketing_to_Young_Consumers\" title=\"Marketing to Young Consumers\">Marketing to Young Consumers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Effectiveness_of_CARD_Act\" title=\"Effectiveness of CARD Act\">Effectiveness of CARD Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/nwdebtdefense.com\/credit-card-act-rights\/#Protect_Your_Rights_Today\" title=\"Protect Your Rights Today!\">Protect Your Rights Today!<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"font-weight: 400;\">Since 2009, according to the Credit Card Accountability, Responsibility, and Disclosure Act or the Credit CARD Act, American consumers have much more protection against potential credit card issuer abuses. It\u2019s no surprise with a new fee or a rate increase without prior notice because it needs upfront pricing. Your payment&#8217;s due date cannot be adjusted at will. You can close your account without incurring any fees if the terms alter in a way that you don&#8217;t feel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above mentioned may all be true, however there is a lot more to it. As an individual who\u2019s using a credit card, you must be aware of your rights under the credit card act and the changes that it has made.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Credit_Card_Accountability_Responsibility_and_Disclosure_Act\"><\/span><span style=\"font-weight: 400;\">Credit Card Accountability, Responsibility, and Disclosure Act<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-1470 size-full\" title=\"your rights under the credit card act\" src=\"https:\/\/nwdebtdefense.com\/wp-content\/uploads\/2022\/11\/your-rights-under-the-credit-card-act.webp\" alt=\"your rights under the credit card act\" width=\"400\" height=\"300\" srcset=\"https:\/\/nwdebtdefense.com\/wp-content\/uploads\/2022\/11\/your-rights-under-the-credit-card-act.webp 400w, https:\/\/nwdebtdefense.com\/wp-content\/uploads\/2022\/11\/your-rights-under-the-credit-card-act-300x225.webp 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/>The 111th Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (also referred to as the Credit CARD Act of 2009) and President Obama signed it into law on May 22, 2009, amending the Truth in Lending Act.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Credit CARD Act of 2009 is a consumer protection law that was passed to safeguard consumers from unfair operations\u00a0by credit card issuers. This is accomplished by requiring more transparency in the <\/span><a href=\"https:\/\/nwdebtdefense.com\/credit-card-debt-defense\/\"><span style=\"font-weight: 400;\">terms and conditions of credit cards<\/span><\/a><span style=\"font-weight: 400;\"> and by imposing caps on the fees and interest rates related to their use.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Changes_Brought_by_the_Credit_CARD_Act\"><\/span><b>What are the Changes Brought by the Credit CARD Act?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Below are some of your rights under the Credit CARD Act:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Notice_of_Rate_or_Other_Increased_Fees_in_Advance\"><\/span><b>Notice of Rate or Other Increased Fees in Advance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Users of credit card are now required to provide at least a 45-day written notice before making any significant changes, such raising interest rates or fees or finance charges. Credit card holders must be made aware of their option to decline or reject the changes.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_Increases_to_the_Existing_Balances\"><\/span><b>No Increases to the Existing Balances<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Except in specific circumstances, users of credit card are not permitted to increase your interest rate to\u00a0an already existing\u00a0balance. These circumstances include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expiration of a Promotional Interest Rate: <\/b><span style=\"font-weight: 400;\">Whether you&#8217;re thinking about getting a new credit card with a low introductory rate, read the fine print to see if it specifies whether the interest rate on any outstanding debt will increase after the promotional period ends and what that rate would be.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>If your Credit Card&#8217;s Interest Rate is Variable: <\/b><span style=\"font-weight: 400;\">The rate will be determined by a formula, like the prime lending rate added to a set percentage, if you use this type of credit card.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Completion or Cancellation of a Hardship Program: <\/b><span style=\"font-weight: 400;\">The increase in interest rate cannot be more than it was before to the program&#8217;s start. The rate that would apply if the program was finished or canceled also had to have been disclosed to you ahead of time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Having a minimum credit card payment that is more than 60 days overdue: <\/b><span style=\"font-weight: 400;\">You must be notified if your interest rate rises as a result of late payments. After that, if you complete your minimum payments on time, the card issuer must review your payment history every six months to see if you qualify for a much lower interest rate.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"New_Accounts_Wont_Have_Any_Increases\"><\/span><b>New Accounts Won&#8217;t Have\u00a0Any Increases<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your card issuer can\u2019t increase your interest rate for a new credit card account during the initial 12 months, except for the circumstances mentioned above.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Increases_Need_to_Be_Reviewed_Twice_a_Year\"><\/span><b>Increases Need to Be Reviewed Twice a Year<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Every six months following an interest rate increase, the credit card company should reevaluate the account to see if the rate can be minimized. The card issuer must reduce the interest rate if the original causes of the increase have changed.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ban_on_Universal_Default\"><\/span><b>Ban on Universal Default<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A clause on credit card agreements known as &#8220;universal default&#8221; gave the card issuer the\u00a0power to increase your interest rate whenever it saw fit. For instance, some issuers employed this clause to impose the penalty rate if one of their clients neglected to make a timely payment on another credit card. This practice is banned by the Credit CARD Act.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Payments_Have_to_Be_Processed_the_Same_Day_They_Are_Received\"><\/span><b>Payments Have to Be Processed\u00a0the Same Day They Are Received<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">On the day of the due date, any payment made by 5 pm\u00a0is regarded as on time. Your monthly payment deadline should fall on the same day. Your payment should be handled the following business day without incurring any late payment fees if your payment deadline occurs on a holiday, the weekend, or any day your card issuer\u00a0does not take payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Any payments received in a local branch should also be processed on the same day if the card issuer takes payments there.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Payments_Above_Minimums_Must_Be_Applied_Fairly\"><\/span><b>Payments Above Minimums Must Be Applied Fairly<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With the exception of balances with deferred interest, payments over the minimum must be applied to the balance with the highest interest rate first, then the balance with the following highest interest rate. In the final two billing cycles of the promotion, the entire amount will be applied to any deferred interest balance you may have.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"You_Should_Have_Time_to_Make_Payment_During_the_Grace_Period\"><\/span><b>You Should Have Time to Make Payment During the Grace Period<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your statement has to\u00a0be mailed or given to you at least 21 days prior to the finance charge being applied to your balance if your credit card balance includes a grace period during which you can settle the full balance without incurring a finance charge.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Time_Must_Be_Given_for_Payment_of_the_Bill\"><\/span><b>Time Must Be Given for Payment of the Bill<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your billing statement must be mailed by the credit card issuer at least 21 days before it is due. If you are granted less time, you cannot be penalized for being late.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Statements_Having_Penalties_and_Deadlines_Included\"><\/span><b>Statements Having Penalties and Deadlines Included<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The billing statement for credit accounts with late fees must specify the payment deadline\u00a0and the total of any late fees. The billing statement must mention whether or not an overdue\u00a0payment will lead in an increase in the interest rate as well as how much it will rise.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Warnings_Regarding_Minimum_Payments_Must_Show_on_Billing_Statements\"><\/span><b>Warnings Regarding Minimum Payments Must Show on Billing Statements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Credit CARD Act mandates that credit card issuers inform you of the entire cost of paying minimum-only payments. Your bill should clearly indicate:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of time, in months, required to pay off the balance only if minimum payments were made monthly<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The overall cost of paying\u00a0minimum-only payments using the current interest rate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of the required monthly payment and the overall interest and the principal you would spend over the course of 36 months to pay the balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A number without a toll that you could contact for information regarding consumer credit counseling<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Finance_Charges_with_a_Double_Billing_Cycle_Are_Banned\"><\/span><b>Finance Charges with a Double Billing Cycle Are Banned<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The CARD Act forbids using the double billing cycle method to determine financial charges. issuers. Additionally, interest cannot be added to sums that are already paid. Finance charges for accounts that were the subject of a billing error claim or a finance charge for a returned check are exempt from this.Interest can no longer be added to amounts from a previous payment cycle by credit card\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Limited_Initial_Charges_for_Subprime_Credit_Cards\"><\/span><b>Limited Initial Charges for Subprime Credit Cards<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A subprime credit card&#8217;s\u00a0fees cannot exceed more than 25% of the credit limit in the first year. Total fees applied when a credit card is created that has a $400 credit limit are not allowed to exceed $100. This does not include over-the-limit fees, returned check, or late payment costs.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_Late_Fees_for_Changes_of_the_Card_Issuer\"><\/span><b>No Late Fees for Changes of\u00a0the Card Issuer<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0If your credit card issuer changed its payment processing procedures or mailing address\u00a0and your payment was not processed as a result, you cannot be assessed a late fee. This includes\u00a0payments made for up to 60 days following the effective date of these amendments.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_Fees_for_Payment_Method\"><\/span><b>No Fees for Payment Method<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unless you asked for an expedited payment which must be processed by a customer service agent, credit card issuers are not permitted to charge you a fee based on your chosen payment method.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Over-The-Limit_Fees_Require_Opt-In\"><\/span><b>Over-The-Limit Fees Require Opt-In<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Consumers that owns a card must be given the option to opt into\u00a0over-the-limit fees by credit card issuers. Transactions that surpass the credit limit must be declined unless cardholders have explicitly said they want them to be handled. Cardholders must be informed of the over-the-limit fee&#8217;s amount before choosing to participate. The option to opt out of over-the-limit fees is available to cardholders any time.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Restrictions_on_Over-the-Limit_Fees\"><\/span><b>Restrictions on Over-the-Limit Fees<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unless you pay off your balance under the credit limit and exceed it again, or you obtain a credit limit increase and go over the new limit, an over-the-limit fee can only be levied once in a billing cycle and for a\u00a0total of three straight\u00a0billing cycles.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_Penalty_for_Cancellation_Due_to_Card_Changes\"><\/span><b>No Penalty for Cancellation Due to Card Changes<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your card issuer cannot impose additional costs for closing your account, let your account go into default, or demand that you pay the full balance right away if you choose to opt out of the credit card changes and shut your credit card account. However, the credit card issuer has the option to double your payment per month, demand that you pay off your balance in five years or maintain your current repayment plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To know more about your rights under the credit card act, get in touch with a <\/span><a href=\"https:\/\/nwdebtdefense.com\/\"><span style=\"font-weight: 400;\">Portland debt defense attorney<\/span><\/a><span style=\"font-weight: 400;\"> right away!<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_Gift_Cards_and_the_CARD_Act\"><\/span><b>What are Gift Cards and the CARD Act?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">By mandating expiry dates and limiting fees, the CARD Act improved consumer protection when buying and using electronic cards, gift certificates, and shop gift cards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These products cannot expire earlier than five years after the date of purchase. The card must prominently display the terms of an expiration date.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if an electronic gift card, shop card, or gift certificate hasn&#8217;t been used in more than a year, a business cannot charge an &#8220;inactivity&#8221; or &#8220;dormancy&#8221; cost. A &#8220;dormant&#8221; card may only be subject to one cost, and each card or certificate must clearly state the terms of this penalty.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Marketing_to_Young_Consumers\"><\/span><b>Marketing to Young Consumers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The CARD Act greatly limited the aggressive marketing by credit card corporations to youth, particularly those who are on college campuses, using targeted marketing tools like t-shirt giveaways.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On-campus or nearby credit card marketing is prohibited by the CARD Act. Any applicant under the age of 21 must either show that they have the resources and ability to pay independently or have a co-signer who is at least 21 years old.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, anyone under the age of 21 cannot get pre-approved card offers unless they consent to do so.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Effectiveness_of_CARD_Act\"><\/span><b>Effectiveness of CARD Act<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The CARD Act&#8217;s requirement that a government agency conduct research on the law&#8217;s success is one of its less well-known components. The Consumer Financial Protection Bureau, which publishes its findings every two years, took over that task from the Federal Reserve and General Accounting Office, which had previously been in charge of it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Credit CARD Act has provided consumers with significant financial benefits, according to a separate analysis by The Social Science Research Network (SSRN). The 2013 SSRN analysis indicated that consumers would save $20.8 billion annually. The satisfaction of the customer base may be the most striking indicator of success. The J.D. Power Credit Card Satisfaction Survey assesses that on a scale of 1 to 1,000. In 2009, the year that the CARD Act was enacted, it was 709. It reached an all-time high of 802 by the year 2017.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Protect_Your_Rights_Today\"><\/span><b>Protect Your Rights Today!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s important to know your rights under the credit card act. Despite all the positive effects of the CARD Act of 2009, many advocates for consumers and small businesses feel that more needs to be done. For instance, the National Consumer Law Center wants the Consumer Financial Protection Bureau to enhance the law because it identifies flaws in it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If legislators impose additional limits on the credit card business, only time will tell. In the meantime, you have a few choices if you believe your credit card company is not abiding by the guidelines established by the Credit CARD Act of 2009. It is a good idea to seek the legal\u00a0advice of a Portland, Oregon attorney if you have concerns regarding the policies of your credit card issuer or the provisions of your cardholder agreement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Northwest Debt Defense Law Firm offers free debt analysis to help our clients in resolving their legal issues. If you suspect that a credit card company is not abiding with the Credit CARD Act, our debt defense attorneys in the cities of Portland, Salem, and Medford in Oregon as well as Seattle, Tacoma, and Vancouver in Washington will help you formulate the solutions you need. Contact us right now!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit CARD Act of 2009 Since 2009, according to the Credit Card Accountability, Responsibility, and Disclosure Act or the Credit CARD Act, American consumers have much more protection against potential credit card issuer abuses. It\u2019s no surprise with a new fee or a rate increase without prior notice because it needs upfront pricing. Your payment&#8217;s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[38],"_links":{"self":[{"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/posts\/1468"}],"collection":[{"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/comments?post=1468"}],"version-history":[{"count":3,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/posts\/1468\/revisions"}],"predecessor-version":[{"id":1473,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/posts\/1468\/revisions\/1473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/media\/1471"}],"wp:attachment":[{"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/media?parent=1468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/categories?post=1468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwdebtdefense.com\/wp-json\/wp\/v2\/tags?post=1468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}