Credit CARD Act of 2009
By: Xander Arbaugh
Credit CARD Act
- Formally known as the Credit Card Accountability, Responsibility, and Disclosure Act
- Passed by President Obama on May 22nd 2009
Enforces that:
- Credit card companies must give consumers 21 days to pay their bill when sent through the mail
- Credit card companies must give a 45 day notice before changing interest rates
- Consumers must be 21 to apply for a credit card (unless the apply with a co-signer)
- Credit card companies must send out statements that show what the minimum payment is along with what it would be to pay off the bill in 36 months (3 years)
- Restricts fees on low balance cards with bad credit.
Schumer Box
- Named after Charles Schumer
Box Includes:
- Annual fee (if applicable)
- APR for purchases
- Other APRs
- Grace Period
- Finance calculation method
- Other transaction fees