Credit card disclosures, offers and industry practices have undergone a major overhaul thanks to a host of credit card rules from legislation, Federal Reserve regulations and the Dodd-Frank Act. A law known as the Credit Card Accountability, Responsibility and Disclosure, or CARD, Act changed many industry practices, including card issuers’ ability to charge overlimit fees, impose rate hikes and implement certain account changes swiftly. New Federal Reserve regulations made credit card disclosures more informative, and part of the Wall Street reform bill will cause some consumers to receive a free credit score.
What does it all mean for the cards in your wallet? Bankrate.com explains how the reforms affect you.
5 new rights for credit card users
New credit card laws give you more protection. Take a look at the biggest consumer wins.
- New credit card rules limit penalty fees. The last batch of CARD Act regulations passed help consumers understand fees and rate increases.
8 ‘gotchas’ of the Credit CARD Act
Now that all the provisions have rolled out, here’s where the CARD Act falls short.
10 canny credit card tips for 2011
Use these tips for navigating the new credit environment and getting the most from your cards.