And forget the ?no interest? ?no payments? also. Or at least beware. It isn?t really no interest and no payments because the interest is just deferred, yep, put off until later but still accruing. So if you just happen to have a small balance at the end of the ?no payments, no interest? period, you can be charged the full interest on the full balance, not just interest on the balance that you have left. You would end up paying for the thing twice, if you didn?t get it paid off in time.
And no more ?90 days, same as cash?, now any credit deal must last for at least 6 months. The idea was to stop the lenders from offering deferred payments for a long period of time and then dinging the consumer for one late payment by charging excessive interest.
But there are also no more sudden rate hikes. You will be notified, make sure you read your mail. Also, there can be no more rate hikes on your previous balances but only on the new charges. And the consumer must be 60-days late before the new rate can kick in.
Your payments must apply to the highest rate interest first.
Read ?Credit Card Changes Could Affect Your Next Purchase?.