Oct22

Some Credit Cards Don’t Fall Under the CARD Act of 2009Not Every Card Is Covered by Landmark Federal Law

Some Credit Cards Don’t Fall Under the CARD Act of 2009

Posted: October 22, 2013 by Rachel Shepard

In 2009, Congress passed the CARD Act (officially known as the Credit Card Accountability Responsibility and Disclosure Act of 2009) to protect consumers against excessive interest rates, fees and miscellaneous charges. The act prohibits credit card issuers from initiating fee traps, excessive interest rate hikes on existing balances that create consumer default or retroactive late fees. It also mandates that issuers provides a written account of all rates, fees and charges in plain, simple language that is visible to consumers, as well as guards against excessive marketing of credit cards to young people and students.

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