New CC Regulations & No CC Debt

[snshijuptr]

So I don't have any credit card debt, and I was wondering what I should know about the new credit card regulations. The first that I know of is that there is no fee for not using our cards, a wonderful thing. Are there any other new regulations that impact responsible credit card users?

[Seeker]

So I don't have any credit card debt, and I was wondering what I should know about the new credit card regulations. The first that I know of is that there is no fee for not using our cards, a wonderful thing. Are there any other new regulations that impact responsible credit card users?

Always. New Credit Card Rules August 22 | Favorite Cards

Along with the potential elimination of the inactivity fee, they may require immediate payment on purchases made.

So interest may accrue immediately.

There's actually no mention of annual fees, and I know some companies have started to implement annual fees on previously "free" cards.

Read and understand any physical mailings. They are important to understand. Talk with you CC provider(s) if you have questions.

Upon implementation of any changes, you will have an opt out period where you may cancel the card entirely.

[JoshuaHeckathorn]

Most of the new changes that took effect 8/22 are fee related, so they shouldn't have much of a direct impact on responsible cardholders. That said, it's still wise to know and understand the changes.

The following is pulled from a post I wrote the other day for Creditnet's blog. Hope it helps...

1. No More Inactivity Fees
That’s right—your credit issuer can no longer charge you a fee for not using your card enough!

2. $25 Max on Fees
Unless one of your payments was late during the previous six months, your credit card company cannot charge you a fee in excess of $25. If you have been late, they can still charge a fee as high as $35.

3. Late Fees Capped at Minimum Payment
In addition to the $25 cap on fees, late fees cannot exceed your minimum payment amount. So, if your minimum payment is only $15 and you miss the payment due date, your credit card company can’t levy a late fee larger than $15.

Likewise, if you exceed your credit limit, you can’t be charged an over-the-limit fee greater than the amount by which you exceeded your limit.

4. One-Fee Limit
Your credit card issuer can no longer charge multiple fees for a “single event or transaction that violates your cardholder agreement.” So, if you make a late payment, you can only get slapped with one fee for your mistake.

5. More Rate Transparency
While it’s not talked about as much as the new fee-related changes, rate transparency should be just as important in the minds of consumers. If your credit card’s interest rate is increased, wouldn’t you want to know exactly why? I know I would.

The new rules not only require credit card companies to tell you why your APR increased, but they also have to review and re-evaluate the increase every six months. For example, if your credit issuer reviews your account after a rate increase due to late payments and finds you have paid your credit card bill on time for six consecutive months, they must lower your rate back to its previous level.