Credit card act information to help consumers - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit card act information to help consumers

Credit card act information to help consumers

Credit card act information to help consumers
The content is accurate at the time of publication and is subject to change.

Financial analysts have recently shared information to help consumers understand and benefit from the Credit Reform Act. Clarifying the legal and illegal stipulations of the Credit Reform Act will just be the right thing to do when we want consumers to learn from their past mistakes.


Financial analyst Anne Lighter states that the reform act has a lot of pro-consumer provisions. The first is the legality of a cardholder`s entitlement, to the option of bowing out of his or her credit card account. As per Ms.Lighter, this can be done once the account holder finds new or additional fees imposed upon their existing credit. This she emphasizes is unfair, unreasonable, and can be burdensome to financial management.


This, is subjective among individuals however, Lighter believes that in the best interest of the credit card companies, they would prefer not to have account owners closing their accounts and paying off on their debts altogether. With this provision, the cardholders are made to close their accounts. A choice they make by themselves, and still are required to pay balance immediately.


The cardholder is expected to immediately inform his or her credit card company of their opposition to the additional fees or charges. The credit card issuer will then cancel the account and of course, no more transaction can be made.


With the assumption that there is an existing balance in the account to be closed, the cardholders will be governed by the old rules in relation to how they must pay the standing balance. Lighter suggests that this is a move of transparency while still enforcing obligations.


Among the new changes to the Credit Reform Act is the mandate for companies or issuers to move out of college booths when marketing themselves to students, alumni, organizations, fraternities, and sororities across colleges and universities. This mandate, as per Lighter, is a pre-emptive move for the financially unstable or vulnerable market of those aged 21 and below. This however does not preclude, however, entitling the same market to credit card accounts. The only difference now, Lighter concludes, is just the fact that there are stricter rules for qualification for those who are aged 21 and under.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Newly Revamped Hawaiian Airlines World Elite MasterCard

Posted: July 20, 2018

Vacationing in Hawaii can be a dream for many, and those with the recently upgraded Hawaiian Airlines World Elite MasterCard and Hawaiian Airlines Business MasterCard can earn miles towards a trip quicker with the cards newly revamped ... Continue reading
Getting Cash Back When Flying With Aerolineas Argentinas

Posted: July 19, 2018

There is a new Amex Offer on the table for people who are thinking about flying with Aerolineas Argentinas, giving them $100 in cash back when booking flights with the airline. To get the deal, travelers must spend $500 or more. Continue reading
American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!