The Credit Card Act of 2009 — What is It, and What Does It Do?
Mary Elizabeth Matthews
University of Arkansas - School of Law
2010 Ark. L. Notes 65 (2010)
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (“the Credit CARD Act”) is a promising answer to the problem of implementing reforms that protect credit card users. The Credit CARD Act seeks to protect consumers from misleading and unfair techniques such as high interest rates, improvident extensions of credit, exorbitant fees, charges for methods of payment, incomprehensible card agreements, double-cycle billing, deceptive introductory and promotional rates, and techniques increasing the likelihood of late payment. The Credit CARD Act implements stricter guidelines on credit card issuers. It requires them to provide written notice of any increase in annual percentage rate, restricts the issuance of cards to persons under the age of twenty-one, and requires many other provisions. The reforms under the Credit CARD Act look promising, but future implementation and enforcement will determine its success.
Number of Pages in PDF File: 12
Keywords: The Credit Card Accountability Responsibility and Disclosure Act of 2009, credit card issuers, Interest Rates, Annual Percentage Rates, Extensions of Credit, Late Payment
JEL Classification: K20, K1, K2Accepted Paper Series
Date posted: September 27, 2012
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