New Credit Card Rules Take Effect

New credit card rules take effect this week that were passed in the Credit Card Holders Bill of Rights this past spring. The biggest credit card change is starting on August 20, 2009, credit card companies will have to give consumers 45 days notice before raising their credit card interest rate. You have the option to turn down the new credit card rate but if you do be prepared to payoff the balance.  Which you could have done in the past before this new credit card rule takes effect.

Another new credit card change taking effect this coming Thursday is monthly credit card bills must be mailed out 21 days in advance by credit card companies. The idea behind this change is some credit card issuers were mailing credit card bills out late giving credit card holders a limited amount of time to pay their bills, sometime incurring a late fee. This change will help credit card holders get their monthly payments in on time and aviod late payment fees.

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Also this week if your credit card interest rate was raised because you were late making a payment after six months of making payments on time the credit card issuer has to lower your credit card rate back to the previous rate.

Several banks have been making changes and sending out notices to their credit card holders before these new rules take effect. Several big credit card companies and issuers, including American Express, have been raising interest rates on credit cards.  Some banks have also raised the balance transfer and cash advance transactions fees.