Credit Card and Open End Protections

The Credit Card Act of 2009 generally goes into effect on February, 22 2010 but two provisions have already gone in effect. One of these provisions requires that each open end credit periodic statement is mailed to the consumer not later than 21 days before the due date. Otherwise, the payment cannot be considered as late. A second provision requires 45 days advance notice of any increase in the interest rate on a credit card account. Certain exeptions apply, relating to promotional rates, variable rates, and workout arrangements. The provision also provides for a notice of right to cancel.