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New Rules for the Credit Road: First of New Credit Card Consumer Protections in Effect Now, and More to Come

Posted by: RateAPY Bank Rates News
September 18th, 2009

The first parts of the new federal credit card rules went into effect last month, and more consumer protection is on the way in February. Now card companies have to give you 45 days notice on interest rate increases, with the chance to opt out, and more time–three weeks–to pay your bill before late fees kick in. Other provisions, which go into effect in February, will ban credit card companies from raising interest rates arbitrarily, improve disclosure to consumers and limit cards for kids under 21. All these are great, but the best protection is in your hands. Pay your bills on time, limit the number of cards you apply for, and keep low balances to maximize your credit score and qualify for the best credit terms, including other credit-dependent rates such as mortgage rates.

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