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,[link widoczny dla zalogowanych]Adjusted Balance Method: The best method and lowest cost for consumers. Purchases are not included, and credits are subtracted at end of previous balance period. Daily Balance (purchases not included): Daily Balance (purchases included): Daily Balance Double Cycle Method: (includes previous month’s balance and purchases). class="dynamic">Credit Card Default Changes
The credit card disclosure information includes the cost of making a (default) payment after the due date. The 2009 Credit Card Act, signed into law on May 22, 2009,[link widoczny dla zalogowanych], will reduce consumer costs for late payments. The majority of changes went into effect on February 22, 2010, and a few will begin the latter part of 2010. Beginning In August, 2010, the majority of default charges will have a limit of $25.
The method used to determine the cost of credit is related to how the cost of credit is applied, and how the APR may be increased. The “periodic rate” is based on each billing period.
The FTC provides a credit card example (monthly interest 1.5%, APR 18%, previous balance $400, $300 payment 15th day, $50 purchase 18th day) revealing the consumer cost for each of the common balance methods:
No more retroactive interest increases.More time is allowed to make payments.The time period is Increased before advanced change notices take effect.The consumer can opt out when some credit card terms and conditions are changed.
Fees: Some credit cards charge annual, activation, acceptance, participation, and monthly maintenance fees.Transaction Fees: Fees are charged for a cash advance, late payment, and exceeding the credit limit.Grace Period: A period of time to avoid charges if the card balance is paid in full.Low Introductory Rates: Some cards attract consumers with a low rate for a certain time period, and when the time period ends the current interest rate is applied.Variable Interest Rates (indexes): The current U. S. Prime Rate is added to the lenders interest rate for purchases, balance transfers, and cash advances.Balance Transfer Offers: Terms and cost of moving a debt from one card to another card.Low Interest Credit Cards: What to Consider
Choosing a credit card, using the card to pay for purchases, and repayment of credit card debt is a consumer responsibility. The Federal Trade Commission (FTC) provides consumers with information about choosing a credit card based on the card disclosure information. Credit card solicitations may look like a great deal, but the FTC warns the “offer may lose its appeal” when checking into the disclosure information which is included with the card offer.
When a potential applicant considers a credit card offer,
If the cardholder exceeds the credit limit, the new rules state the cardholder cannot be charged more than the over-limit amount. The changes in the Act are designed to benefit the consumer:
The annual percentage rate (APR) is the yearly cost of credit. Consumers with a high credit score and a good credit report are more likely to be approved for low interest credit cards.
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The credit card terms of use must be explained to the consumer in writing,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], and credit card offers not requiring an application must be explained orally. The FTC lists the major credit card offer disclosure factors which consumers should consider:
Consumer’s Guide to Credit Card Disclosure Information