"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 www.suzieorman.com
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.