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 of 2009) is a consumer protection law which was enacted to regulate the practices of credit card companies. In particular, the law was designed to give consumers more control over their credit card accounts and to prevent credit card companies from taking advantage of consumers. The CARD Act requires credit card companies to provide consumers with clear and consistent information about the terms and conditions of their credit card accounts. This includes information on fees, interest rates, grace periods, and other important aspects of a consumer’s credit card agreement. Credit card companies are also required to provide regular statements which explain how consumers can pay their accounts off over time. They must also communicate with consumers regarding any changes to the terms and conditions of their accounts and provide reasonable notice before a card issuer increases the interest rate. Additionally, the CARD Act limits the ability of credit card companies to target young consumers through aggressive marketing practices. It also requires them to get permission before increasing a consumer’s credit limit. For all these reasons, the CARD Act of 2009 provides important consumer protections for individuals living in Montana and across the United States.

Related FAQs

What is the most important information to know about a credit card?
What is a grace period on a credit card?
What are the different types of interchange fees?
What is an introductory APR?
How do I dispute a charge on my credit card statement?
What is a balance transfer fee?
How do I choose the best credit card for my needs?
What is the difference between a credit card and a debit card?
How do credit card companies make money?
How do I determine the credit limit for my credit card?

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

Related FAQs

Related Blog Posts