Wednesday, February 24, 2010

Few Tips About New Credit Card Law

The new law for credit card users and providers will take effect this week. While it is quite beneficial for the users, credit card providers definitely aren’t happy. Hence, they will attempt to rip off your wallet through other sources. So, it is advisable to be very vigilant especially for the next few months to avoid being stripped.

new credit card law
According to the Federal Reserve Board, the new credit card law obliges credit card providers to inform customers about any major change in the terms, at least 45 days in advance. Overdraft facility, which was initially provided by default, will now be optional and not automatically assigned. Hence, if you shop for something that exceeds your credit limit, it would be denied. And obviously you won’t be charged any fee.

However, this new rule wouldn’t keep you safe from the clutches of these plunderers. Hence, here is a list of few tips that you will need after the rule is applicable.

Go for Fixed Rates :
Understand Reward Programs:
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