John S Kiernan, Managing Editor
@John
Permalink
Report
The CARD Act is what’s different now. This credit card law, which took effect in Feb. 2010, has dramatically strengthened consumer rights and made the industry more transparent.
Among the highlights of the law are provisions that:
- Reduce penalty fees;
- Eliminate arbitrary interest-rate increases on existing balances;
- Promote communication between issuers and consumers;
- Require fair payment allocation.
As a result, you no longer have to worry about the bait-and-switch tactics that credit card companies used to be known for. Now, you can trust that what you see during the course of your credit card comparison is what you will get. And while the CARD Act unfortunately does not apply to business credit cards, any company that offers credit cards is now held to a higher standard overall.
Compare 2020's Popular Credit Cards
Compare Cards
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Did we answer your question?