New credit card law set to start next week

[tylerdee]

Starting Aug. 20, the new Credit CARD Act requires credit card issuers to give consumers the right to cancel or opt out of certain changes in terms on their accounts. Here's a good article that sums up some of the changes:
CreditCards.com article

[canoeist52]

1. "At least 21 days to pay their monthly credit card statements

without threat of late fee penalties."
This is the one our CC company does to us. I basically have to mail it out the next day for it to beat the late fee. And I'm not signing up to pay on line through our checking account!

[TwixVoy]

2. Why are you waiting until you get the statement?

And cutting in that close?

You realize you can send the check to them the day the statement posts right? You don't have to wait until you actually get the statement in hand to send payment.

[angryfirelord]

3. Why not pay it online?

I have a Bank of America credit card and while it's true that the company's customer service is less than stellar, I've never had an issue paying it through my checking account. It allows me to make smaller, incremental payments and I never have to worry about late fees since I can pay it off anytime during the month. If late fees are a problem, then I would highly recommend paying it online.