What is the Credit Card Accountability Responsibility and Disclosure Act?

The Credit Card Accountability Responsibility and Disclosure Act (CARD Act) is a law in the United States that was passed in 2009, and it applies to banks and other financial institutions that offer credit cards in Kansas. This law helps to protect consumers by placing certain restrictions on credit card companies. For example, it requires companies to provide clear and understandable information about the terms of a credit card. It also requires companies to give customers at least 45 days advance notice of any changes in fees or interest rates. The CARD Act also makes it harder for credit card companies to give cards to people younger than 21, until they can prove they have the means to pay them back. Finally, the law sets a minimum payment amount on the card statement, so that people can better handle their finances. The CARD Act was created to make credit cards safer and more accessible for American consumers.

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What is the Credit Card Accountability Responsibility and Disclosure Act?

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