Restricts all interest rate increases during the first year Stops credit card issuers from raising interest rates in the first year after a credit card account is
opened, except:
• When the increase is under a variable interest rate.
• At the end of the promised time period for a promotional rate. For example, the issuer can
offer 3% for six months and then 12% after that. (The promotional period must be at least 6
months.)
• If the required minimum payment is not received within 60 days after the due date.
Restricts interest rate increases on existing balances

Credit card issuers cannot raise interest rates on existing balances unless:
• The increase is under a variable interest rate.
• It is the end of a promised time period for a promotional rate.
• The required minimum payment is not received within 60 days after the due date.

Increases notice for rate increase on future purchases
• After the first year, the card issuer can raise the rate on future purchases with 45 days
notice. No notice is required for increases due to one of the reasons state above.

Preserves the ability to pay off on the old terms

Credit card issuers can’t change the terms for repaying a balance, except that the issuer may
give the cardholder either:
• Five years to pay off the outstanding balance at the old rate; or
• An increased minimum payment that has no more than twice as much of a contribution
to paying down the balance as the old minimum payment

Related posts:

1. Download Upcoming Credit Card Protections File Format PDF
2. Newfield National Bank Visa Business Credit Card Application
3. BOC Credit Card (International) Limited is a subsidiary of Bank of China (Hong Kong) Limited