Image via WikipediaLast week, new rules kicked in concerning the Credit Card Accountability, Responsibility, and Disclosure Act of 2009. These new rules, that the credit card companies are balking at, are finally here and you should be seeing them take affect on your next credit card bill.
Let's say you are late making your minimum payment.
Today: Your late payment fee may be as high as $39, and you likely pay the same fee whether you are late with a $20 minimum payment or a $100 minimum payment.
In addition, your credit card company cannot charge a late payment fee that is greater than your minimum payment. So, if your minimum payment is $20, your late payment fee can't be more than $20. Similarly, if you exceed your credit limit by $5, you can't be charged an over-the-limit fee of more than $5.
If your credit card company increases your card's Annual Percentage Rate (APR), it must tell you why.
Today: Your credit card company can increase your card's APR with no obligation to re-evaluate your rate increase.
These are simple changes that will streamline the rules across all credit card companies. There won't be different rules across different companies anymore.