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Credit Card Act of 2009

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Riley Webb

on 20 December 2013

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Transcript of Credit Card Act of 2009

Credit Card Act of 2009
Riley Webb, Brooklyn Miles, Curtis Whitley
No exorbitant and  unnecessary Fees 

issuers cant charge a fee to pay a credit card debt, whether by mail, telephone, or electronic transfer, except for live  services to make expedited payments
no over-limit fees
Penalty fees must be reasonable and proportional
protects against excessive fees on low‐credit, high‐fee credit cards
Requires Fairness in Application and Timing of Card Payments
Requires payments in excess of the minimum to be  applied first to the credit card balance with 
the highest rate of interest;
prohibits issuers from setting early morning deadlines for credit card payments;
Requires credit card statements to be mailed 21 days before the bill is due rather than the current 14.
Protects the Rights of  Financially Responsible  Credit Card Users
Prohibits interest charges on debt paid on time
Prohibits late fees if the card issuer delayed crediting  the payment
Requires that payment at local branches be credited  same‐day
Requires credit card companies to consider a consumer’s ability to pay when issuing credit cards or  increasing  credit limits.
Provides Enhanced  Disclosures of Card  Terms and  Conditions
Requires cardholders to be given 45 days notice of interest rate, fee and finance  charge increases
Requires issuers to provide disclosures to consumers upon card renewal when the  card terms have changed; 
Requires issuers to provide individual consumer account information and to disclose  the period of time and total interest it will take to pay off the card balance if only minimum  monthly payments are made; 
Requires full disclosure in billing statements of payment due dates and applicable late payment penalties.   
Strengthens Oversight of Credit Card Industry Practices
Requires each credit card issuer to  post its credit card agreements on  the Internet, and provide those agreements to the  Federal  Reserve Board to post on its website 
Requires the Federal Reserve Board  to review the consumer credit card  market, including the terms of credit  card agreements and the practices of credit card  issuers and the cost and  availability of credit to consumers; 
Requires Federal Trade Commission  rulemaking to prevent deceptive marketing of free  credit reports
Unfair Increases in Interest Rates and Changes in  Terms
No arbitrary rate increases
Credit card companies have to review the rate and decrease the rate if applicable
Credit card rates cant be raised in the first year
promotional rates have to last 6 months
Full transcript