The Credit Card Accountability, Responsibility, and Disclosure Act has made some significant changes to laws and regulations concerning credit cards. Though the law is over a year old, many of its most important provisions have not been well publicized.
Take our short quiz to see how well you understand the new credit card landscape.
Under the Credit Card Act, how much notice must financial institutions give card holders before making significant changes to the terms and conditions?
Answer: 45 days
True or False? Credit card companies must give card holders the option to cancel a card before implementing changes, such as increasing interest rates or annual fees.
Answer: True
According to the new rules, how long must credit card companies wait before they can increase your interest rate, after you open a new account?
Answer: 1 year
True or False? Credit card companies are now required to turn down transactions that would take customers over their credit limit, unless the customer specifically allows such transactions.
As a result of the Credit Card Act, the occurrence of over-the-limit fees will:
Answer: Decrease
True or False? Credit card companies are likely to introduce annual fees in response to the new regulations?
Answer: True.
Credit card companies must send statements to customers how many days before a payment is due?
Answer: 21 days
When was the Credit Card Act signed into law by the President?
Answer: May 2009
This Box will Close In 5 Seconds
