It’s been a full year since the complete implementation of the CARD act and so far it looks as if it has been a success. Even though the past year has brought on tighter credit availability and a rise in interest rates these have been attributed to economic downturns and not the CARD act.
The CARD act has significantly increased the transparency of the credit card industry and has been a boon for consumers as they have been able to be more informed. It has essentially eliminated many of the nasty surprises of credit cards in the past such as interest rate changes and retroactive rate increases. Hidden fees and planned interest rate hikes now must be disclosed along with the disclosures on how long it will take and how much interest will be paid if only minimum payments are made.
Read about The CARD Act’s Winners and Losers at Forbes.