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 that regulates the way the credit card industry does business. This law was put in place in 2009 with the goal of making credit card companies more transparent and fair when it comes to the terms and conditions of their credit card agreements. Under the CARD Act, credit card companies must provide consumers with more information about the terms and conditions of their credit card agreements, including any changes in interest rates or fees, and they must also provide at least 45 days’ notice before increasing interest rates, fees, or other charges. Additionally, the CARD Act requires credit card companies to provide consumers with a clear explanation of their rights and responsibilities when it comes to using their credit cards. This includes providing customers with clear information on their rights to dispute any charges they may incur and how to dispute them. Finally, the CARD Act also places restrictions on businesses that issue credit cards to young people under the age of 21, and it requires businesses to get a cosigner or proof of the customer’s ability to pay in order to issue credit cards to them. Oklahoma residents are protected by the CARD Act and can be sure that credit card companies will treat them fairly when it comes to their credit card agreements.

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What is the Credit Card Accountability Responsibility and Disclosure Act?

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