August: a good month for consumers

[SpartanDem]

The new overdraft fee rules took effect this past weekend, but there is a another big change coming.




New credit card, gift card rules benefit consumers
The rules governing credit cards have changed dramatically in recent months, thanks to legislation signed by President Barack Obama last year.

The new regulations, rolled out in stages starting last summer, wrap up with several new provisions that go into effect Aug. 22.

The final round of new rules will target not only credit card companies but also those who issue gift cards.

Perhaps the biggest change will be a cap on credit card late fees, which in the past have run as high as $39. Under the CARD Act, credit card companies can charge you no more than $25 for a late payment, and perhaps much less.

The new rules stipulate that your late fee cannot exceed the minimum payment due. So if you're late on a monthly statement that has a $20 minimum payment, your late fee is capped at $20.


http://articles.chicagotribune.com/2010-08-12/business/sc-cons-0812-problem-gift-card-20100812_1_inactivity-fees-credit-card-accountability-gift-card

[RUMMYisFROSTED]

1. We'll see.