Starting Thursday, Credit Card Users Get More Rights
By Nancy Trejos Washington Post Staff Writer | Tuesday, August 18, 2009
The first phase of the landmark credit card legislation signed by
President Obama in May will take effect this week, forcing card issuers
to give consumers more time to pay their bills and to consider interest
rate increases.
Starting Thursday, issuers must give customers 45 days' notice
before raising their interest rates, instead of 15 days as previously
required. Customers can then choose to pay what they owe at the
original rate over time but will not be able to use the card for future
purchases...
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