What is Credit Card Act of 2009?

The Credit Card Act of 2009 is a federal law that was signed into action in the United States by President Barack Obama in 2009. This act regulates the way credit card companies issue credit cards and how they charge fees and interest. The purpose of this law is to protect consumers from unfair and deceptive practices in the credit card industry. The Credit Card Act of 2009 includes several important provisions for New York residents. It prohibits the issuance of a credit card to individuals under the age of 21 unless they are able to demonstrate an independent source of income or can gain a co-signer. This is to prevent young individuals from getting in over their head financially. It also limits how much a credit card company can increase the interest rate on a customer’s cards. The Credit Card Act of 2009 also requires that credit card companies provide better disclosure so that customers can more accurately compare different types of cards. This includes providing detailed explanations about how interest will be applied, how late fees are charged, and what fees may apply. Overall, the Credit Card Act of 2009 provides important consumer protections for New York residents. It helps ensure that credit card companies are not taking advantage of customers and helps customers understand exactly how their credit cards will work.

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What is Credit Card Act of 2009?

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