It’s hard not to open the paper or read online about the Credit Card Act 2009 due to take effect soon. The first wave of changes to your credit cards take effect on February 22, 2010 with more to come in July. These changes are no doubt in favor of consumers as they should be. We wanted to let you know how these changes will affect BMI FCU Visa Credit Card holders. To be perfectly honest with you, they truly won’t make things all that different to our members. Since we did not participate in the “trickery” of the big banks and credit card companies most of these changes won’t affect us at all. The biggest change you will see is when you receive your statements from now will be how they look and some of the information listed on them. Financial institutions are now required to insert information for a member who makes the minimum payment only (with no further increases in debt) how long it would take to retire the debt and how much the member would pay in interest combined. This works out to your advantage because you will be able to see how long it will take to pay off your credit cards if you are only making those minimum payments. You also will be able to see a copy of your Credit Card Agreement/Truth In Lending Disclosure online. BMI FCU’s Credit Card program has always been Pro Member and we see no reason to change that now. If you find yourself frustrated with your other card companies, you are not alone. You have the opportunity to take advantage of our BOX THE BANKS Visa promotion going on right now. Check out our website for more details. Please feel free to contact us with any questions you may have about the Credit Card Act 2009 or may I suggest checking out http://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009 for an easy to understand version.
What Does The New Credit Card Act Mean To You?
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