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How Much Do You Know About the Credit CARD Act 2009?

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The Credit CARD Act, signed into law by President Obama, will make credit card terms more transparent and eliminate many fees and arbitrary rate hikes now charged by credit card issuers starting February 22, 2010.

Test your knowledge of the new consumer protections created by this law below and then:

  1. Before the CARD Act, your credit card issuer was allowed to raise your interest rate on your existing balance and new purchases, as long as it sent you a written notice at least 15 days before the changes. That’s changed. Not including short-term teaser or introductory rates, which of the following protections apply? Your credit card issuer:
  2. If a credit card issuer offers a low introductory rate (a.k.a. “teaser” rate), it must last for at least:
  3. Which of the following changes can you expect to see when it comes to over limit fees?
  4. Many cardholders have complained about unfair billing practices. Which of the following are not allowed under the Credit CARD Act:
  5. The CARD Act includes several measures designed to help protect consumers under the age of 21. Which of the following is NOT a protection offered under the CARD Act:
  6. It is not unusual to have a credit card balance with more than one interest rate. For example, part of your balance may carry a very low interest rate because you used a balance transfer offer, while another part may carry a higher interest rate from purchases or cash advances. How will the new law change how your payments are applied to balances with different interest rates?
  7. The Credit CARD Act will clamp down on cards that have been dubbed “fee harvester” cards. A fee harvester card is:
  8. Which of the following disclosures are you NOT likely to see on your statements in early 2010?
  9. Advertisements with catchy jingles for “free credit reports” have been criticized by consumer advocates as misleading consumers into buying credit report services. True or false: The CARD Act will forbid advertisers of credit report services from using the words “free credit report” in their ads.
  10. Some card issuers charge cardholders a fee for paying their bills online, by phone, etc. Some of these “pay to pay” fees will be banned under the CARD Act. Which of the following will still be allowed?
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