Credit Card Bill of Rights

In May 2008 the Credit Card holder’s Bill of Rights was proposed by the National Credit Union Administration, Office of Thrift Supervision, and the Federal Reserve Board. On September 23, 2008 this bill was passed in the House. Although there are still some obstacles to overcome it appears that this bill is well on its way. If it makes its way through the Senate and gains the approval of the President, the Credit Card Bill of Rights will become a law soon enough.

What can the Credit Card Bill of Rights do for you? Generally speaking, with this bill in place credit card companies will no longer be able to take aggressive actions against card holders. As you can imagine, this will bring many benefits to everybody who carries a credit card. To go along with this, the Credit Card Bill of Rights will also feature many important amendments to credit laws based around important issues such as the Truth in Lending Act and the FTC Act. Although you may never realize what the Credit Card Bill of Rights is doing for you, it will help in many ways.

Some of the more important amendments within the Truth in Lending Act include: if a creditor receives payment by 5 pm on the due date it is considered on time; if payment is received on the business day immediately following a holiday or weekend it should be considered on time.

Amendments in the FTC Act include: the double billing cycle method will no longer be allowed; billing statements must be sent 21 days before the due date; requirements for promotional offers must be disclosed. These are only a few of the amendments that the Credit Card Bill of Rights would bring to the FTC Act.

As a consumer you should be interested in making sure that the Credit Card Bill of Rights passes through the Senate. Although you may never notice many of the changes that are made under this Bill of Rights it is safe to say that it will make your life easier as a credit card holder. The many amendments to current credit laws will offer many benefits for consumers. Keep an eye out over the next few months to see if this bill becomes reality.

For more information on your rights when using credit cards visit www.creditcreator.com. We provide you many of the best credit card offers online with support material to help you make your choice.