The credit card bill which was signed last May promises a lot of good things to credit card holders. Unfortunately, the full extent of the bill won't be going active until the first quarter of next year. Credit card holders will have to hold on until then before they can see some major improvements in their credit card experience.
For minor changes however, the credit card bill has something to offer credit card holders as soon as the coming week. Coming Thursday, the first of the many changes that the credit card bill will bring is going active. Come Thursday, credit card companies will be required to give credit card holders a 45 day notice for any significant changes in their credit card terms such as when they are raising the card holder's interest rates. They will also be required to allow the credit card holder to decline the term change and allow him or her the chance to pay off any remaining balance using the original terms. The credit card holder can also use the 45 days to search for a better deal in another credit card company.
The changes are obviously minor compared to what credit card holders are facing right now from their credit card companies. Still, they do bring some advantages for credit card holders. For one thing, having a 45 day notice about credit card term changes gives the credit card holder more time to consider his or her available options, unlike the current 15 day notice requirement. With 45 days to consider how to handle the new changes, credit card holders can make more intelligent and well-informed decisions regarding their credit cards.
Another change courtesy of the credit card bill that will be going active this Thursday is the requirement of credit card companies to mail credit card statements 21 days before the bill becomes due instead of the current 14 days. This adds an additional week of leeway for credit card holders to handle any surprises in their bills and make up for any additional charges to what they are accustomed to expecting.
It is quite obvious to see that the changes that are coming this Thursday will depend greatly on how attentive the credit card holder is to his or her credit card mails and notices. According to some industry practitioners, a large percentage of the credit card holder population don't really keep their eyes on their credit card correspondence. With the changes that are coming, credit card holders who fall in that particular percentage will need to change their habits to get the full benefits.