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

The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the CARD Act, is a law passed by the United States Congress that provides for consumer protection related to the use of credit cards. The law was enacted in response to consumer complaints about high interest rates, hidden fees, and unfair penalty charges. The CARD Act protects consumers by requiring credit card companies to provide clear information about fees, terms, and interest rates. Companies must also provide users with at least 45 days notice before changing terms or raising rates. The Act also limits fees for late payments and over-the-limit spending, as well as requires companies to show how long it will take to pay off an entire balance when making only the minimum payment. The CARD Act also sets limits on when credit card companies are allowed to market to young adults. Companies are prohibited from marketing credit cards to anyone under 21 unless they show proof of their ability to pay off their credit card debt. Companies must also provide educational materials regarding the responsible use of credit cards. In Florida, credit card companies must follow the rules of the CARD Act just like any other state. Consumers in Florida are protected from unfair and deceptive practices from credit card companies and are able to make informed decisions about their credit card usage.

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

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