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CARD Act makes a positive aspect
[12:00:00 AM Friday, March 11, 2011]
It is one year since the CARD Act came into effect and the word from the White House is that this act seems to be working as expected. An increasing number of Americans are able to save more by paying less to their credit card lenders.
Since, the introduction of the Card act last year, card holders now have a clearer understanding of credit cards and its payment terms. The CARD Act was brought into effect to make the working of the credit card more transparent and prevent ad hoc rate hikes by credit card lenders. This act also curtailed the late fees and over the limit fees that were being levied on customers. One of the recent studies reveals that the late fees on credit cards fell by over 52%. There was a drop of 91% in the number of cards affected by over the limit fees and a drop of 82% in the ad hoc rate increase.
A fact that proves the effectiveness of the CARD Act is the fall in the total amount collected as late fees. The amount collected as late fees dropped to $427 million in November 2010 as compared to $901 million in January 2010.
This Act also brought about a change in the billing cycle, which proved to work in the favor of the customers. The billing statements are now being mailed 21 days in advance to give card holders enough time to make payments. All these rules and more have enabled card holders to save more in the past year on their credit card payments, as compared to ever before.
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