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

The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 is a piece of federal legislation that is aimed at improving the process of issuing credit cards and preventing deceptive practices in the industry. The CARD Act was signed into law in May 2009 and applies to credit cards issued in every US state, including Nevada. The CARD Act protects consumers from unfair practices by increasing transparency around credit card fees and terms of service. It also gives consumers more control over their credit card accounts by setting limits on the amount of interest that can be charged, restricting the ability of companies to raise interest rates on existing cards, and providing a 21-day grace period for credit card payments. The CARD Act also requires credit card companies to provide regular disclosures to consumers about the costs associated with the card, such as annual fees and interest rates. This information must be presented in a clear and consistent format so that consumers can make informed decisions. In addition, the CARD Act places restrictions on the marketing of credit cards to young adults. The CARD Act has been effective in protecting consumers from unfair or deceptive practices in the credit card industry. It has also allowed consumers to make more informed decisions about their credit card accounts and has improved transparency in the industry.

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

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