How will the Credit Card Accountability Disclosure Reform Act 2009 affect me?
Banks and other financial institutions may charge higher fees to recover from losses that they will experience by having to reduce interest rates and fees charged to credit card customers. Interest rates can only be increased on new purchases after one year. Interest rates on existing purchases can only be charged after a customer is 60 days or more late. Universal default and double cycle billing will end. Credit card companies will no longer be able to have different time of day deadlines for payments – payments must be accepted up until 5pm each day.
