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What CARD Act changes will become effective in August 2010?
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Last Updated
18th of May, 2010

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Effective August 22, 2010:
  • If a borrower’s interest rate is increased due to being 60 days late on a credit card payment, the credit card issuer will have to revert back to the original rate after the borrower completes six months of on-time payments.
  • New rules will limit fees on gift cards and stored value cards. All gift cards will require a minimum expiration clause of no less than five years. Inactivity fees on gift cards will be banned.
Learn more about the CARD Act.

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