I recently received a notice with my charge card statement that outlines some very fascinating and important changes about how credit card issuers will be forced to deal along with customers. "We are making changes for your requirements in response to the new Government Law and Regulations that impact all credit card issuers. "They go on to enumerate: 1. The apr can no longer be increased by any means shape or form. Even if you pay late of should you exceed your limit, your credit limit cannot change. 2. Cash advances will be associated with a variable rate and not change except globally over the nation. 3. Grace period on any kind of new purchases is changing; there will probably be an extended grace period. 4. There isn't any longer a charge for over-the-limit costs. 5. There is no longer the charge for pay-by-phone fee. 6. There won't be an exorbitant fee attached to any cash loan transfer. Plus it will be limited to a maximum of 5% in each transfer, minimum $10. In overview, what an incredible change this is actually! Government has really brought a consistent method of how things can be changed by credit card issuers. And now when payments are available in, they will be applied to curiosity first. I'm sure that the businesses will look for ways to circumvent these new regulations, but for now they appear to be working. So, that's really a main change. I think it's going in order to save us some money across the panel. I think it's going to be considered a major benefit to everybody across the country.
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