There were apprehensions that consumers will not be provided with fair credit card opportunities ever since the CARD Act came into being last year. However, as per the results of the new studies conducted, it has made a positive impact. As per the Center for Responsible Lending or CRL, there has been no hike in interest rates for consumers since last year after the CARD Act came into being. It only goes to prove that it has accomplished its goal.

Consumers seem to have benefitted hugely as the interest rates have become steady and there is increased transparency with regard to the pricing, and borrowers have access to the transparency.

As per the law, issuers cannot increase interest rates of the current customers without providing enough notice, along with a justification for the intended hike. As of now, the rates have not been increased for the current customers. But, new customers have complained of rate hikes up to 59%, but only if they accept those rates.

As issuers are making an effort to keep the credit card statements more transparent, consumers seem to have a better understanding of these contracts. In fact, the $12.1 billion in annual charges are clearly being disclosed to the current as well as new customers.

The other good news is that consumers are still receiving offers from issuers, although there were apprehensions that issuers will look for ways and means to cut back on extending credit.