By Regula: The new credit card rules offer credit card consumers a new set of protections from what was deemed unscrupulous credit card practices. They include how and what credit card companies have to tell you about your credit card bill. There are also new rules on credit card rates and credit card fees.
Details of what the rules entail: http://www.monitorbankrates.com/credit-card-rates/new-credit-card-laws-2010-4813
I just got the first statement that reflects the new rules. Here’s what it includes:
Last month’s charges are apx $1,200. Right after the balance, minimum payment amount and due date follows:
Late Payment Warning:
If we do not receive Your Minimum Amount Due by the Payment Due Date listed above, you will have to pay a late fee of up to $39.00.
Minimum Payment Warning:
- If you make no additional charges and each month you pay only the minimum, it will take 11 years to pay of this balance and you will pay an estimated total of $ 2,198)
- If you make no additional charges and each month you pay $43, it will take 3 years to pay of this balance and you will pay an estimated total of $ 1,548 (Savings = $650)