In May, I wrote about the Credit Card Reform Act, and now it’s time for the first of the changes to take effect. Banks now have to mail out the bills at least 21 days prior to the due date. They also must provide 45 days notice before making any significant changes to either your rate or fees.
Remember, regardless of the 45 day rule, if your credit card had a fixed rate you do not need to accept the new rate. You can call the issuer and tell them you are shutting the account and will pay it off at the old rate and terms until it’s paid in full. This may impact your FICO score, but depending on the rise in rate, it’s an option to consider. More changes to come.