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.
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