May 21, 2009

Blog Coverage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009

New legislation on credit cards called the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 is being signed into law. See: Obama to sign credit card crackdown into law

A lot of PF bloggers are covering the bill with articles:

five cent nickel : Credit Card Reform: The CARD Act of 2009
Money Smart Life: Credit Card Fees & Interest Rate Reform
Wise Bread: How will the new credit card rules affect consumers?
Bargaineering : Credit Card Reform Imminent: Senate Passes CARD Act of 2009
The Simple Dollar: The Credit Cardholders’ Bill of Rights Act of 2009 Is Here: What Does It Mean For You - And What Might It Mean for the Future?

The act will make a number of changes in the laws about how credit card companies are allowed to conduct business. Some of the changes are sorely needed. Most of the changes are going to favor consumers in general.

I don't think any of the changes will directly impact my use of credit cards. But its possible there could be indirect impact if the card companies feel a need to compensate for lost profits by changing the terms of my card. My rewards rates could go down or they might add annual fees. I'm not too afraid of either of those. If the card companies get too stingy with the rewards or want to charge me a fee then at some point I'll simply stop using them. I bet they are smart enough to realize that. They get paid no matter what as long as I keep using their cards. The transaction fees from merchants easily pay for my rewards rebate. I doubt the credit cards would risk throwing away my business.

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