Consumer Payment Card News

CARD Accelerated

Cardholders want it and want it NOW! While some legislators are trying to get the remaining “CARD Act” provisions implemented sooner, a new survey shows 56% of Americans want the laws moved up to December instead of February 2010. The survey also found 45% (up from 33% in June survey) of consumers say their card company has made one or some combination of the following changes to a credit card account: increased their interest rate 27% (up from 15% in February survey); increased their fees 19% (up from 14% in June survey); lowered their credit limit 17% (up from 8% in February survey); increased their minimum payment due 17% (up from 12% in June survey); and reduced their rewards program 12% (up from 9% in June survey).

Click here for the “THE CREDIT CARD ACCOUNTABILITY RESPONSIBILITY AND DISCLOSURE ACT” in PDF format.

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