Prior to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, restrictions on credit card issuers were loose at best. In the wake of the Great Recession, the CARD Act imposed proof-of-income limits on card applicants under 21 years of age without an adult co-signer, set limits on interest rate increases on existing card balances, and directed payments above the minimum toward higher interest balances.
In addition, the CARD Act increased card issuer disclosure requirements. Cardholders must be told how long it will take to pay off an existing balance at the minimum monthly rate, and issuers now follow a standard template on fee and penalty disclosures.
As the CARD Act passes the ten-year milestone, CompareCards.com decided to survey over 1,000 consumers to evaluate the CARD Act and gather…
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