Credit Card Holders Need To Read Their Mail More As New Credit Legislation Approaches

For most credit card holders, reading mail from their credit card companies is not much of a priority. Credit card company mail, even credit card bill mail, rarely get a thorough reading from credit card holders. No wonder, considering how difficult to understand credit card mail are.

Credit Card Holders Need To Read Their Mail More As New Credit Legislation Approaches As a matter of fact, credit card companies enjoy making credit card mail as obscure as possible for credit card holders. The logic there is that they want the card holders to keep their focus on the simply worded, large print information and keep out of the fine print. Unfortunately, the things that can get a credit card holder hit with large fees and interest rates are usually found in the fine print.

Credit card holders who don’t take the time to try and understand their credit card statements may find themselves in a lot of trouble, especially now that the new Credit CARD Act’s activation is fast approaching.

As credit card companies prepare for the changes that the Credit CARD Act is bringing, credit card holders can expect to find some very important information coming out of their credit card mail. They may also have to make important choices which will determine if the consumer protection that the new credit legislation brings will extend to them or not. Consumers who fail to keep an eye on their credit card mail may end up paying more for their credit cards, being unpleasantly surprised on their trip to the ATM or even having their credit card rejected.

The upcoming credit card bill will introduce many changes to the credit card industry, some of which will require the “opt in” of credit card holders for them to become eligible for protection.

For instance, credit card holders who take the time to peruse their credit mail may find that their credit card company is raising their interest rate. In the past few months since the Credit CARD Act got signed into law, credit card interest rate hikes have become quite common, with some credit card companies raising their interest rates up to 29.99%. However, new rules from the Credit CARD Act now allow credit card holders to opt out of interest rate hikes. However, opting out usually means that the credit card gets canceled. The compensation is that the credit card holder gets to pay off his or her credit card balances using the old interest rate of the credit card.

Credit Card Holders Need To Read Their Mail More As New Credit Legislation Approaches

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