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Credit Card Reform Rules: The Important Details

Due to deceptive and unfair practices within the credit card industry federal regulators were prompted to implement new rules to protect consumers. While many of the rules and stipulations may never effect you, there are quite a few changes that may work in your favor. No matter who you are, if you a carry a credit card it is important to be aware of this reform and how it will change your financial situation.

Before getting into the details it is important to note that the new Credit Card Reform rules do not go into effect until July 1, 2010. Until then the current rules of the industry will stay in place.

There are many ways that the new rules of the Credit Card Reform will protect consumers. Some of the most important include:

1. The elimination of two cycle billing.

2. Ensuring that payments are divided among available balances.

3. Ensuring that consumers have enough time to make the minimum payment.

4. Restricting the ability of credit card companies to increase the APR on an existing balance.

5. Credit card companies can no longer finance fees and charges for opening an account.   

As you can see, the above five details are sure to protect the majority of credit card holders. That being said, there are some details that the new Credit Card Reform will not cover. They include the size of penalty interest rates, reductions in credit limits, the issuance of cards to consumers with low income, and fees for paying online among many others. It is important to be aware of both the changes that will be in place as well as the details that will not be affected.

It is easy to see that the new rules of the Credit Card Reform are suited to benefit consumers. If you carry a credit card you will benefit from these changes when they go into place on July 1, 2010.

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