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Reviews of the Credit C.A.R.D Act

Monday, February 22, 2010 - 2:40 PM
Clark Howard has a useful list of the new credit card rules that credit card companies are required meet starting today. One interesting rule mentioned is that "Bills must mail to you no later than 21 days before the due date."

Billshrink blog post has a fancy infographic showing not only the new rules, but also which credit card companies complied early.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600
1. Monday, February 22, 2010 - 3:39 PM
Am I reading this right?  In Clark Howard's list:

 "Any annual fees must be capped at 25 percent of your card's limit."

Does this mean that if I have a Credit Card with a $100,000 credit limit, Congress thinks it would be reasonable for the Company to charge me up to $25,000 in annual fees?  I have to be reading this wrong...  right?

Please set me straight.
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876