Today is Credit CARD Act Day

Credit CARD Act

Today, credit unions, banks, and other financial institutions are adjusting to new rules spelled out in the Credit CARD Act, a consumer protection bill that changes the nature of your credit card.

There’s a lot involved with the new law, but rest assured – American 1’s Visa program is mostly unchanged. Because we didn’t participate in some of the predatory credit card practices that define big bank programs, the Credit CARD Act doesn’t affect us drastically.

What does it change at American 1? For one, everyone’s Visa payment due date will fall after the 25th of every month. This allows us to get your Visa statement to you in enough time (at least 21 days before your due date). The other changes involve how we change rates and notices.

For big banks, though, they’re changing for the worse. Annual fees and even application fees are now becoming the norm.

For a good primer on how the Credit CARD Act affects your credit card, visit the Federal Reserve Board’s site on the law. And tune in here to get updates.

To get our perspective on credit cards, catch our video and let us know what you think.

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