Last Monday, February 22, 2010, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD) became effective. The Bill was signed into law by President Obama last May.
Proponents of the Bill argued that the new law will provide greater consumer protections and create a general transparency in the business of credit cards. Credit card companies have used the months leading up to the effective date to change how they do business. Consumers have seen changes in their existing credit card accounts over the past several months. A recent CNN Money article focused on some of the changes including higher fees, the elimination of rewards, tighter credit and the rules for raising interest rates.
Consumers may still have questions about the law’s impact on their personal financial situation. An article by Joan Goldwasser in the February edition of Kiplinger Personal Finance magazine answers some Frequently Asked Questions.
What do you think? Will the changes do enough to protect consumers?