Credit Cardholder Billing to Improve
February 28, 2010 – New York, New York– With the commencement of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, credit customers can look forward to a whole slew of new advantageous benefits that were set in place to protect them. No longer will lenders have the right to take advantage of their clients by introducing arbitrary interest rates, retroactively increase the interest rate and issuing double cycle billing. However, you will still need to pay particular attention to the fine print for additional credit fees and be aware that not even the CARD act can protect customers from their irresponsibility of paying off their debt.
The billing practices of credit institutions will be improved making all of the information on your billing statement crystal clear for the most novice credit users. Statements will be delivered at the same time each month in a new adaptable format. You will notice that the font is larger on your statement in addition to how long it will be until you are able to pay off your balance by making the minimum payment every month on time and then assessing how long it will take to become debt free over a period of three years. Payment dates will no longer be on the weekend or on holidays to avoid any confusion to the customer.
These new changes will be extremely helpful to credit borrowers but there are still some rules that apply to the lenders that may not make customers content. After the first year of opening a credit card account, the annual interest can be raised and after a period of 45 days, lenders can also lower your credit limit or close without the say of the cardholder in the matter. The CARD act has not placed any restrictions on the fees that lenders can charge so there may be fees for dormant accounts, annual fees, receiving paper statements or for retrieving your reward points so make sure that you thoroughly read the Terms and Conditions section of your contract for no surprises.
Brad Nifdom, Spokesperson for CreditTime says, “It is about time that credit card companies take responsibility for their actions as customers have been trying to do during this difficult economic period.“
About CreditTime: Credit time is the leader in providing consumers the most up to date, well organized, and easy to use financial information available today. CreditTime helps customers take control of their money and their life. CreditTime’s experts are comprised of many of the most important advisors in the areas of money, loans, credit, debt, and banking. CreditTime offers its visitors the most comprehensive and easy to understand financial information ever made available so customers can make sound financial decisions that can positively impact their lives.
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