Index
Consumer ProtectionUnited States (Federal)

Credit CARD Act of 2009

Summary

Provides transparency in credit card rates and fees and limits how companies can increase interest rates.

Rights & Rules

  • 01.
    The right to 45 days' notice before significant changes to account terms.
  • 02.
    The right to have payments applied to the balance with the highest interest rate first.
  • 03.
    The right for young adults under 21 to have a co-signer or proof of independent income.

Penalties

  • 01.
    Monetary damages for consumers equal to twice the amount of the finance charge.
  • 02.
    Regulatory enforcement by the CFPB including heavy fines.

Verified Citations

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