The Credit Card Holders Bill of Rights Act goes into full effect in February. Ahead of that deadline, companies are changing the terms of customer agreements. For example, the new law prohibits raising the interest rate on existing balances unless a customer pays more than 60 days late. To skirt that provision, firms are notifying customers that their cards are now “variable rate.” (Translation: We can jack up your rate whenever we please.)
So watch those benign notices, and be ready to call and demand a fixed-rate card or take your business elsewhere. Amid these tactics, a new bill calls for moving up the deadline on the credit card law to Dec. 1 IN SUMMARY READ YOUR MAIL
Tags: Credit Card, credit card laws