Portions of the Credit CARD Act of 2009 goes into effect today. The much discussed credit card reform passed this year seeks to ban certain unfair practices and provide cardholders with clear and understandable terms.
In May, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD Act) into law.
The new rules come into effect in three waves. First, on August 20, 2009 rules regarding disclosure of contractual changes and when companies can count payments as late go into effect. Most of the Act's new protections go into effect in February of 2010, and a few provisions take effect in August of 2010. For the full list of reforms and when they take effect, see this Treasury Department memo summarizing the changes.
The following new rules begin tomorrow:
If you want see how (and whether) your credit card company is complying with the new rules that will eventually face all cards, check out BillShrink's page on which cards comply with the credit card bill of rights.