Credit Card Accountability Responsibility and Disclosure (CARD)

As many of you know, Congress enacted the CARD Act…  The goal was to make things better for cardholders by outlawing certain consumer unfriendly practices in the credit card business.  But the law in some cases has made things worse in the short term.

 The law requires that credit card companies give you 45 days notice before raising interest rates.  Many companies are raising your rates even if you have paid your card off monthly and on time!  Mine went up 4% and I pay mine off monthly !!!  After talking to Roger (in India) for 30 minutes, he felt I didn’t have a problem since the increased interest rate would never be a problem for me.  WRONG ROGER…

 So what’s a person to do?  Call your credit card company and see if your rate has been increased, your credit line reduced or advances denied.  If you are not happy with the answer then investigate other credit cards such as:

 www.CardRatings.com
www.CardHub.com
www.CreditCards.com

 Each site will help you find a care off that matches your particular needs such as cash back, miles or hotel points.   

 Another option is to get a credit card thru a credit union which may offer more favorable terms.

 Last but not least.   If none of these options work you can always have the option to stop using your credit card.   A borrower can become a Lender’s Slave so take control of your financial future.