What is the Credit Card Accountability Responsibility and Disclosure Act?

The Credit Card Accountability Responsibility and Disclosure Act, also known as the CARD Act, is a federal law in the United States that was passed in 2009 to protect users of credit cards. The CARD Act was created to combat the many practices that had been established by credit card companies that were deemed to be exploitative and unfair to consumers. In Georgia, the CARD Act requires that credit card companies must provide clear and concise disclosure of all of the information related to a cardholder’s account, such as any fees, interest rates, and other terms of the agreement. It also prevents companies from retroactively increasing rates and fees in the middle of a financial agreement. Additionally, the CARD Act limits the ability of credit card companies to offer new cards to those under the age of 21 without the consent of their parent or legal guardian. The CARD Act also puts in place requirements for credit card companies to adopt responsible billing and payment practices. This includes sending payment due date reminders, limiting late fees, and providing more time for consumers to make payments. Overall, the CARD Act has been successful in protecting consumers in Georgia and nationwide and ensuring that credit card companies are held accountable for their practices.

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What is the Credit Card Accountability Responsibility and Disclosure Act?

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