Obama’s Credit Card Reform

Will New Credit Card Rules Increase Satisfaction?

September 8th, 2009 | 4 Comments | Posted in News by Tim Manni

Dissatisfaction over rates and fees has led to the lowest level of overall credit card customer satisfaction in three years. So says the J.D. Power and Associates (JDP) 2009 Credit Card Satisfaction Study, which gave the nation’s major credit card companies a score of 703 out of 1,000 possible points — the lowest tally since the study began in 2007.

The study graded the card companies based on the following six factors: Read the rest of this entry »

Tags: Credit Card Satisfaction Survey, J.D. Power and Associates, New Credit Card Rules, Obama's Credit Card Reform |4 Comments

Update1 OCC Issues ‘Additional Guidance’ On Portions of Credit Card Reform Already In Effect

August 28th, 2009 | Leave a Comment | Posted in News by Tim Manni

(Update1): The Office of the Comptroller of the Currency (OCC) issued a bulletin on Wednesday regarding the specific provisions of the credit card reform that have already taken affect. The bulletin pertains specifically to the 45-days notice the card companies must provide cardholders when or if their interest rate will be changed (emphasis added):

The bulletin describes an interim final rule issued by the Federal Reserve Board that requires banks to notify customers 45 days in advance of any rate increase or significant changes in credit card account terms. The rules also require lenders to disclose that their customers have the right to reject those changes.

Read the rest of this entry »

Tags: CARD Act, Credit Card Cancellation Letter, Credit Card Reform, Obama's Credit Card Reform |Leave a Comment