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There is a lot to the new laws. Much of it is good for consumers, but sometimes unintended consequences can result. Hence, the new credit card debt laws can penalize those people who haven't had any trouble with their credit cards previously. They will serve to make the credit card companies more honest about certain business practices. The two linked articles below explain both good and bad points in more detail than can be obtained here.
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How do the new credit card laws affect students?
The new credit card laws impose stricter regulations on credit card companies when marketing to students, including limiting the issuance of credit cards to individuals under the age of 21. This ensures that students are not targeted for credit cards without the means to repay the debt. Additionally, it prohibits certain aggressive marketing tactics on college campuses.
What happens if you don't accept new terms on a credit card?
They dont let you keep or get the credit card and will send you a fee for not accepting I think under the new credit card laws you have the right to refuse the new terms, but you MUST stop using the card (using the card is a tacit acceptance of the new terms) and will be able to pay off the balance under the existing terms.
Does the new credit card law effect companies that extend credit?
Yes. The new laws will affect any credit card company. They do not totally go into effect until Feb. 22, 2010. You can read all about it at the article in the related link as it contains details of both the good and the bad parts of the laws and how they may backfire for responsible users of credit.
With the new credit card laws going into effect, are retail credit card processing centers adjusting well?
With the new credit card rules only recently having gone into effect, it is difficult to determine the long-term implications for retail credit card processing centers. However, in the short-term, these processing centers have had to make the same adjustments that bank credit card companies have had to do and they've had several months to make the adjustment as afforded by the law.
What American political parties are against the new health reform laws?
The Republic Party is strongly against the new health reform laws in the US. Every other party in the US is against the new health reform, except the Democrats.
Can you re-open a credit card once closed?
Credit card companies will not reopen a credit card account once it has been closed. The company will issue a new credit card and new account if it wishes to do business with the person.
What is the balance on your new credit card?
There is no one balance on a credit card, they are all different.
What is balance transfer credit card?
A balance transfer credit card is offered when a business lets you transfer the balance from your old credit card to a new credit card with little to no cost. It's often much cheaper than getting a new credit card from a large or expensive business.
How does credit card balance transfer in an office work?
Credit card balance transfers are essentially when a credit card holder starts a new credit card to pay off whatever debts and charges the owner may have on the old credit card. The charges from the old credit card get transferred to the new credit card and a grace period occurs which is basically a lower interest rate at the beginning of the transfer. It is safe but only if the person makes sure to read the details the new credit card company has regarding the transfer.
How can I receive guaranteed approval on a new credit card?
Guaranteed approval on a new credit card depends on the customer who is applying for the credit cards credit rating. Many credit card companies will lend you money with high interest rates if your credit is not good.
Can your paycheck get garnished for an unpaid credit card?
Even if a credit card company sues you and wins, the judge can only say that you do owe the money. He can attach a lien to your credit file which would prevent any new creditors from granting credit until the debt is taken care of. If you are in bankruptcy the rules change, each state has different laws. If the credit card company sues and receives a judgment in their favor your wages can be garnished up to an amount set by your state's laws.
Where can i find my PIN with my new activate credit card in bdo?
were can i get my credit card pin number
