Fed help for cardholders
Friday, Feb. 19
Posted: 2 p.m.
The Federal Reserve Board today launched an interactive site to help consumers choose and use credit cards. There's already many good tools on the site, and a note says they will be adding more in the future.
So what's there now? There's a guide to reading your new credit card statement, which under the Credit CARD Act must include information on how long it will take for you to pay off your balance. There's also a detail of a credit card offer, known as the Schumer box, explaining multiple interest rates, penalty APR and billing cycles.
Another section offers a glossary of terms, a link to the credit protection laws, and information on lost and stolen cards, billing errors and how to complain about a charge.
The bulk of the provisions in the Credit CARD Act of 2009 go into effect on Monday.
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