Has it not felt like an eternity since President Obama first signed the Credit CARD Act into law? Here we are almost 15 months after the stroke of his pen, and we’re still waiting for the final round of new credit card rules to take effect.
Fortunately, we don’t have to wait much longer. Beginning August 22nd, here are five of the final key changes you should expect to see from your credit card companies:
1. No More Inactivity Fees
That’s right—your credit issuer can no longer charge you a fee for not using your card enough!
2. $25 Max on Fees
Unless one of your payments was late during the previous six months, your credit card company cannot charge you a fee in excess of $25. If you have been late, they can still charge a fee as high as $35.
3. Late Fees Capped at Minimum Payment
In addition to the $25 cap on fees, late fees cannot exceed your minimum payment amount. So, if