What is CARD Act ?

What’s CARD Act? : 

What’s CARD Act? © Auto Relief Group http://autoreliefgroup.com

“The Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 is a federal law passed by the United States Congress and signed by President Barack Obama on May 22, 2009”. : 

“The Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 is a federal law passed by the United States Congress and signed by President Barack Obama on May 22, 2009”. © Auto Relief Group http://autoreliefgroup.com ARG explains as: The CARD Act is approved to protect card holders from the unfair practices, sudden hikes in interest rates and changes in terms and conditions usually done by credit card companies.

The following points will extract summary and explain the significance of the bill : 

The following points will extract summary and explain the significance of the bill © Auto Relief Group http://autoreliefgroup.com Credit card holders must be given protection against sudden hike in interest rates. A minimum 45 days notice must be provided to all card holders for any changes in interest rate so that they don’t feel cheated. Regular payers must not be penalized by credit card companies. If a customer is regularly paying all his/ her bills on time for six months continuously, they must be charged their previous interest rate and not the hiked rate.

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Credit card holders must be informed 21 days before the due date of their bill payments to avoid penalties. © Auto Relief Group http://autoreliefgroup.com Credit card companies usually mention some confusing terms such as ‘fixed rate’ and ‘prime rate’ as it is misleading for credit card holders. It is important that they set proper definitions of those terms. The CARD act also gives the right to card holders to set a credit limit for their card. This will avoid over-spending and thus credit card companies will not be able to charge for non-payment.

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© Auto Relief Group http://autoreliefgroup.com Fair allotment of payments must be done by the credit card companies. The debts which have a higher interest rate must be cleared off first and then other bills. The act also limits the amount of ‘over-the-limit’ fees that are usually highly charged by credit card companies to gain profit. Vulnerable consumers will be protected from fee-heavy subprime credit cards. Under this act, congress must collect the data on industry profits of credit card industry and present every year.

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© Auto Relief Group http://autoreliefgroup.com The credit card holders will have the right to get an explanation of the minimum amount he/she has to pay against the debts and interest charges. A credit card cannot be issued to teenagers i.e. below 21 years or if issued they must present a co-signer who can give a guarantee to repay the debts. Banks must provide a reason for participating on college campuses and at university-themed events.

Under the CARD act people will get a chance to improve/ raise their credit score. The rules under this act automatically helps card holders to pay timely as they will be more aware of their limits, interest rates, etc and they can avoid paying penalties resulting in improvement in credit score. A high credit score in itself has many benefits for availing loans. Thus, you can get a loan at a lower interest rate as you would have paid off all your debts on time. : 

Under the CARD act people will get a chance to improve/ raise their credit score. The rules under this act automatically helps card holders to pay timely as they will be more aware of their limits, interest rates, etc and they can avoid paying penalties resulting in improvement in credit score. A high credit score in itself has many benefits for availing loans. Thus, you can get a loan at a lower interest rate as you would have paid off all your debts on time. © Auto Relief Group http://autoreliefgroup.com Conclusion

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Auto Relief Group(ARG) is a Loan Modifying Service Company having a 15 year experience. It has worked with various clients satisfying them with the final deal they make with the banks. It was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck. © Auto Relief Group http://autoreliefgroup.com Who is ARG?

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Modify your car loan Reduce your monthly interest payments Renegotiate your car loan or lease Extend terms Avoid repossession and maintain ownership of your car © Auto Relief Group http://autoreliefgroup.com What can ARG do for you?

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© Auto Relief Group http://autoreliefgroup.com Thank You