Overheard: Word of the Day

A Whatis.com blog

» VIEW ALL POSTS Feb 17 2010   1:36PM GMT

Overheard – Credit CARD Act



Posted by: Margaret Rouse
Tags:
Compliance
“While companies can’t hike your rates on existing balances unless you’re 60 days late with a payment, they can raise rates on future purchases any time and for any (or no) reason. They do have to tell you this, but they’ll probably send it in an envelope that looks like junk mail in the hopes you’ll throw it out.”

Lauren Bowne, as quoted in Beware: Loopholes in the Credit CARD Act you need to know about

Today’s WhatIs.com Word of the Day is Credit CARD Act.

Martha White provides a great overview of the Credit CARD Act’s “gotchas” in her interview with Lauren Bowne.

While the CARD Act has limits on the severity of penalty fees you can be charged, there’s no rule against card companies making up as many new fees as they can conjure and charging whatever they like for them.

 Comment on this Post

 
There was an error processing your information. Please try again later.
Thanks. We'll let you know when a new response is added.
Send me notifications when other members comment.

REGISTER or login:

Forgot Password?
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Forgot Password

No problem! Submit your e-mail address below. We'll send you an e-mail containing your password.

Your password has been sent to: