Since the Credit Card Accountability, Responsibility and Disclosure Act, or CARD, Act has come into force in 2009 in the US, credit card users have received much more protection. For example, it is now illegal for banks to retroactively charge interest rates or to charge fees for users overstepping their credit limit. However, the CARD Act 2009 does not apply in all situations and users of credit cards need to be aware of ongoing pitfalls. In other countries the law applying to credit cards may have similar loopholes and customers are therefore advised to thoroughly check the terms and conditions applying to their credit cards.
The CARD Act 2009 and business credit cards
Despite its… Read More..