What is the Credit Card Accountability Responsibility and Disclosure Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act of 2009, commonly known as the CARD Act, is a federal law that was enacted to protect consumers from unfair practices by credit card companies. The CARD Act was signed into law by President Barack Obama in May of 2009. The CARD Act includes many consumer-friendly provisions designed to protect credit card holders in Delaware. These provisions include restrictions on marketing credit cards to young adults, requirements for clear disclosure of fees and terms, a ban on retroactive rate increases on existing balances, and a requirement that payments are applied to the highest interest rate balances first. Additionally, the CARD Act requires issuers to give a 45-day notice prior to making any significant changes to the terms of the cardholder’s account. The CARD Act also seeks to limit interest rate increases, late fees, and other fees that credit card companies can charge to customers. Furthermore, the CARD Act requires that credit card companies provide consumers with billing information on a regular basis, as well as allow those consumers to opt out of any “over-the-limit” fees. Overall, the Credit Card Accountability Responsibility and Disclosure Act is an important piece of legislation that helps to protect credit card holders in Delaware. It prevents credit card companies from taking advantage of consumers and provides critical protections against unfair practices.

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What is the Credit Card Accountability Responsibility and Disclosure Act of 2009?

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