Author Question: Discuss the major provisions of the Credit CARD Act.[br][br][b][color=#FBB117]Question ... (Read 86 times)

Zulu123 · **on:** Jun 24, 2018

Discuss the major provisions of the Credit CARD Act.

Question 2

The European General Court was established to reduce the workload of the Court of Justice and it has jurisdiction over appeals on the Commission's decisions on mergers and acquisitions.
Indicate whether the statement is true or false

Jane · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

The major provisions of the Credit CARD Act are:
Due dates:

- Must be disclosed

- Must be set for the same time each month and occur at the end of a business day

- Bill must be mailed at least 21 days ahead of time

Increases in rates and fees:

- Are not allowed on any charges already incurred (until a cardholder has missed two consecutive payments)

- Are only permitted for future purchases if credit card company provides 45 days' notice to the consumer and permits cancellation of the card

Late payment fees are limited to 25 for first event and 35 thereafter.

Payment must be applied to whichever debt on the card has the highest interest rate (say, a cash advance rather than a new purchase).

Consumers have the right to set a fixed credit limit. Consumers cannot be charged a fee if the company accepts charges above that limit unless the consumer has agreed to the fee. Only one overlimit fee per statement is permitted.

People under 21 cannot obtain a credit card unless they have income or a co-signer

Answer to Question 2

TRUE