Attn Cardholders: Watch Your Mailbox
Monday, January 11, 2010
New York, NY –
Credit card holders should keep an eye on their mailboxes this week.
REPORTER: According to Congresswoman Carolyn Maloney, any last-minute interest-rate hikes on existing credit card balances should've gone out by January 7, at the latest. That's because of the new CARD Act, which goes into full effect late next month. Maloney authored the House version of the act and said it's meant to prevent abuses by credit card issuers.
MALONEY: The only reason that they can raise the rates is if you do not pay your bill. If you do not pay your bill and are over 60 days late. They cannot raise it if you are a good customer.
REPORTER: The CARD Act also requires payments made in excess of the minimum payment to apply to balances with the highest interest rate. It also bans fees on payments made over the phone or online.
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