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The legislation passed last year on a new credit card legislation introduced today, and banks are not very happy. “JP Morgan Chase, the country’s largest issuer of credit card, warned that the credit card business is expected to lose up to 750 million U.S. dollars this year as a result of new legislation,” said CNN.
Simply click, but the credit card users will benefit – if you keep users of credit cards. Reuters reported that the new law will affect credit card lending, which means less than it would be available. Soon, more people turn to payday loans no fax when needed, rather than traditional bank loans.
Good collection
For those lucky enough to have a credit card function, a new credit card in 2010 the mandate of the law of billing practices less confusing, said the Christian Science Monitor. Invoices are payable at the same date each month and the card user is notified of the amount due 21 days before the due date.
“Almost all the increase in interest rates in the Balance will be prohibited,” said CSM. Also prohibited is the level increases during the first year of service. Card issuer must notify customers 45 days before the tariff increase.
Special treatment for 18-21
The credit card laws said people between 18 and 21 years of age or must demonstrate that they have the means to pay the bill for credit or a guarantee before they can issue a card. The law also restricts marketing to students.
Instead of automatically overdraft rate is in place that will be assessed each time a borrower went through the line, people must choose to include in the overdraft program. If a card user who does not choose to opt in to overdraft programs accusations that lasted only card limit will be rejected.
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