NBC 33 Consumer Alert: Credit CARD Act of 2009
POSTED: Wednesday, November 11, 2009 - 2:26pm
UPDATED: Thursday, June 3, 2010 - 10:58pm
Credit Cards have become a part of every day life. The big banks have been known to hike interest rates and tack on fees, sometimes without you even knowing it.
Now, the Credit CARD Act of 2009 is supposed to fix some of those issues. It adds layers of protection to credit card customers. Things like freezing interest rates for the first year, and mailing statements out with plenty of notice.
The act doesn't go into effect until February. So banks are taking advantage of the time they have. They're sending out notices telling customers about an increase in rates, or new fees.
There are still ways to get the upper hand on the credit card companies. Cary Anderson with Main Street Financial Credit Union says it's very important to read all the disclosures you get from the card company. He says if you don't like what you read - you can call and opt out of the rate increase or new fee.
The Credit CARD Act is set to go into effect on February 22nd. But Congress is doing what they can to push that date up. The banks say if it's any sooner, they could run into financial problems again.