Reviewing Credit Card Company Agreement
The Senate had already passed the sweeping credit card reform bill and now the House of Representatives has passed it too. Now the bill goes to President Obama for his signature, which news sources are suggesting he’ll sign into law on Friday, May 22, 2009 just before the Memorial Day Holiday.
This is certainly good news for most credit card holders no matter whether they carry balances or pay their credit card off regularly. No matter what, at some point along the way most people have some sort of run in with their credit card company. Problems can range from unexpected pesky annual renewal fees, over limit fees, late payment fees, incorrectly reported information etc. Couple this with the unexpected job layoff or illness and nobody is really safe from their credit card company policies.
There is some speculation about how credit card companies will respond to the new changes. They stand to loose a chunk of profits to the tune of around $15 billion in penalty fees on an annual basis. Some industry experts think that annual fees will be increased and perhaps even rewards programs may be cut back in response to make up for lost revenues. We think it may lead to even better benefits for on time paying customers as competition for accounts may be more fierce. We will all just have to sit back and see what happens.
For more detailed information on changes heading our way visit: Credit Card Changes On The Way – New Rules May Lead To Improving Credit Scores
Once the bill is signed into law by President Obama, the effects of the bill will not go into action until 2010.