Index
Consumer FinanceUnited States (Federal)

Credit CARD Act of 2009

Summary

Establishes fair and transparent practices for consumer credit cards, limiting interest rate hikes and fee traps.

Rights & Rules

  • 01.
    Right to receive 45 days' notice before a significant change in account terms.
  • 02.
    Right to opt-out of 'over-the-limit' transactions that trigger fees.
  • 03.
    Right to have payments applied to the balance with the highest interest rate first.

Penalties

  • 01.
    Civil penalties issued by the Consumer Financial Protection Bureau (CFPB)
  • 02.
    Restitution of illegal fees to consumers

Verified Citations

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