Looming Credit Card Changes Coming Soon

Have you heard? Big changes are-a-comin’ soon for the credit card industry. The CARD Act was signed into law last May and goes into effect next Monday, February 22, 2010.

Even though the new law also promises customers more simplicity in their credit card bill, cardholders still need to watch out for a whole new series of traps and tricks. The new law sets no restrictions on the types of fees issuers can implement

For example, consumers could suddenly find themselves with an assortment of new fees and charges. Discover said they planned on charging a 2% fee on all purchases made outside the United States.

Even with a seemingly open field of fees they can start charging some banking industry advocates think that this shake up means that credit will be more difficult to come by for many consumers. Card issuers are also expected to put into action much more strict underwriting practices. Some could start requiring proof of income from an applicant.

One of the largest victories for customers is a series of limits on how and when credit card companies can set interest rates.

Previously, banks could raise your APR for missing a payment without giving a consumer advance notice. Card issuers now have to give you at least 45 days advance notice before raising your rate.

Experts suggest consumers should show extra care in staying on top of their current bills as they show that The CARD Act does not contain any type of interest rate limit that the banks and issuers can charge customers that are 60 days late or more on their payment.

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