Credit card articles, Upcoming Credit Card Protections

Admin — Tue, 28 Jul 2009 17:35:37 +0000

Upcoming Credit Card Protections
Effective Date
• Most of the new law would go into effect 9 months after the date of enactment.
• The 45 day notice requirement and the requirement that bills are sent 21 days before the due date go into effect 90 days after the date of enactment.

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

The NSBA 2009 Small Business Credit Card Survey

Admin — Mon, 27 Jul 2009 01:00:36 +0000

2009 Small Business Credit Card Survey. Small business credit-card acceptance is on the rise. Back asked in December 2008, 49 percent appear application acclaim cards in the accomplished 12 months to accounts their firms. In late April, however, that cardinal jumped to 59 percent. This access is occurring admitting a rise in the cardinal of baby businesses advertisement deepening credit-card terms. Asked to evaluate their credit-card agreement over the after most bristles years, 79 percent appear worsening terms—up from 69 percent in December 2008. Even added eye-opening: back asked if their credit-card agreement had worsened in the after most six months, a whopping 75 percent reported that they had.

2009 Small Business Credit Card Survey. Credit-card issuers additionally accept been abbreviation acclaim lines. Thirty-three percent of small- business respondents declared that their acclaim absolute had been reduced, up from 28 percent in December. Furthermore, beneath baby businesses are advantageous off their credit cards anniversary month, authoritative them accountable to some of the best arrant practices of the credit-card industry. In December, 50 percent appear advantageous off their acclaim cards each month, today that cardinal is bottom ward to 40 percent

Download 2009 Small Business Credit Card Survey

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Credit card articles, Upcoming Credit Card Protections

The NSBA 2009 Small Business Credit Card Survey