Even though the Credit CARD Act has been passed into law, it hasn't prevented credit card companies from making last minute changes to credit card terms before the law goes into effect.
The latest round of credit card changes are coming in the form of switching fixed-rate cards to variable rates. By switching to a variable rate, credit card issuers are basically ensuring that they'll be able to adjust the interest rate (based on the prime rate) without having to notify the consumer under the new laws.
The delay in enacting the laws under the Credit CARD Act has been one of the biggest issues many consumer advocates have had with the new legislation. The main fear was that the 15-month rollout plan would only enable credit card companies to push through even more changes in preparation of the new laws. From what we're hearing, these consumer advocates were right.
Have you recently had your fixed-rate credit card changed to a variable rate? If so, we want to hear from you. Share your story here on the blog or in our forums. Or, if you're interested in speaking with a reporter about your experience, email us!
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