More information on the credit card act of 2009Tuesday May 18, 2010
Fees and rates are the name of the credit card companies’ games. They like to ‘stick-it’ to you to earn as much as they can. With the CCA of 2009, these games are getting some rule changes. So…
…some good news for those with high balances on their student credit cards. Now, you’re rewarded when you make a monthly payment that is MORE than the minimum amount due. Any amount that you pay over the minimum amount due will be applied to your balances with the next highest rate. This way, you’re not working to pay off a lower interest rate balance which would have you paying more money in the end to the credit card company.
Maybe you’ve been a victim of making a payment on your credit card bill by the due date, but then are charged a late fee because the credit card company changed your due date. Now, they can’t do this. All payment due dates will be the same each month. If your due date is on a federal holiday, the payment will be credited to the next day and no late fee will ensue either. Now, if your credit card issuer changes its address and your payment is not received by the due date, you will also no longer be charged a late fee. This seems obvious to us, but hey, what do I know?
The more you learn about the act now, the better it will be for you to increase your credit score down the road or keep your credit score high, like I’m sure it is now since you’re still in school…or graduating…
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