selecting a credit card
The CARD Act of 2010
The Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) covers things your credit card company must tell you about your account. Billing statements must now list how long it will take to pay off the balance, provide late payment and minimum payment warnings, and be mailed to you at least 21 days before payment is due. When are you required to receive advance notice?
When the credit card company plans to increase the interest rate
When the credit provider plans to market a different type of card
Each time the creditor submits info to a credit reporting company
"A" is correct. If interest rates increase after the first year, they only apply to new charges. Creditors must turn down "over-the-limit" transactions unless consumers expressly request them. Caps have been placed on high-fee cards.