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Know Your Rights: The Credit Card Act of 2009
Posted:November 26, 2010

"I think what many of the major banks are doing to their credit card holders is a travesty. To fight back I want all of you to look into Credit Union credit cards as an alternative." - Suzie Orman

Details: The Credit Card Accountability Responsibility and Disclosure Act of 2009* legislates that credit card companies:
  • Must provide a 45 day notice before changing a cardholder's interest rates, fees, or finance charges.
  • Must honor interest rates for the first year.
  • May not increase interest rates on existing balances unless a cardholder is 60 days behind on payments.
  • May not charge “over-the-limit fees” unless a cardholder agrees.
  • May not charge fees for paying bills by phone or online.
  • May not raise rates for arbitrary reasons or because a cardholder paid an unrelated bill late.
  • May not charge interest on debt paid on time.

In addition, companies issuing credit cards must:
  • Apply payments beyond the minimum to the highest-rate balances first.
  • Mail statements 21 days before bills are due.
  • Post credit card agreements online.
  • Keep promotional rates in effect for at least six months.

*Credit Card Accountability Responsibility and Disclosure Act of 2009

The TFCU VISA has been honored as one of the most fair & ethical credit card programs in the country by Credit Card Connection. 

Here is a list of features that differentiate our card from national cards:
  • Same Fixed Rate for Purchases, Cash Advances & Balance Transfers. 14.0% Annual Percentage Rate only on the unpaid balance.
  • No Cash Advance or Balance Transfer Fees. There is no charge for a member to withdraw cash or bring a balance over from another credit card.
  • No Penalty/Default Rates. If your payment is late, your rate will not increase.
  • No Annual Fee. You should not have to pay a fee simply for carrying a credit card.
  • Late Fee. $25 late fee is only assessed after your payment is 25 days past the due date.
  • Online Application available

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