Credit Card Act of 2009

Highlights of the Credit Card Act of 2009

The Credit Card Act of 2009

The Credit Card Act is a Federal Statue passed by the United States Congress and signed by President Barack Obama on May 22, 2009. It is comprehensive credit card reform legislation that aims to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.

Schumer Box

The Schumer box is a summary of the costs of a credit card in the United States.A Schumer box is a table that discloses pertinent information about a credit card, including interest rates, fees, terms and conditions.It is named for Charles Schumer, the lawmaker responsible for legislation that requires all credit card terms to be presented in a standardized, easy-to-read format.