CREDIT CARD ACT 2009

The CARD Act primarily amends the Truth in Lending Act (TILA) and establishes a number of new substantive and disclosure requirements to establish fair and transparent practices pertaining to open-end consumer credit plans. The requirements of the CARD Act that pertain to consumer credit cards become effective in three stages. First, provisions generally requiring that consumers receive 45 days’ advance notice of interest rate increases and significant changes in terms and provisions regarding the amount of time that consumers have to make payments became effective on August 20, 2009. A majority of the requirements under the CARD Act including, among other things, provisions regarding interest rate increases, over-the-limit transactions, and student cards became effective on February 22, 2010. Finally, two provisions of the CARD Act addressing the reasonableness and proportionality of penalty fees and charges and re-evaluation by creditors of rate increases became effective on August 22, 2010. 
 

Changes to Consumer Credit Card Accounts:
• We will no longer charge a fee if an account goes over the preset credit limit.
• Any amounts paid over the minimum payment will now be applied to balances with the highest annual percentage rate.
• Rates on existing balances will no longer be raised for being past due (Default/Penalty APR).
• The payment due date will fall on the same date each month. We will continue our practice of granting at least 25 days between the closing date printed on the statement and the payment due date.
• We are revising the statement to include a late payment warning, a minimum payment warning, and total fees .

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MasterCard and Visa Cardholders Earn DreamPoints Rewards for Consumer and Business Accounts.