Best credit cards A tutorial
On that date, these new limits take effect: * Credit card companies must give their customers 45 days' advance warning before changing the terms of their credit card agreements. The old limit was 15 days' warning, a term that was so short that consumers often didn't receive the letter warning them of oncoming changes until the date of the change had arrived. This new federal limit will give you plenty of warning of changes to your student credit cards, instead of getting announcements belatedly or with too little time to do anything. * Credit card companies must mail out statements substantially earlier than before, giving consumers at least 21 days to pay their bills. This will put an end to the old trick of sending out statements too late for the customers to pay them on time, resulting in late fees, interest rate hikes, and other penalties that put more money in the companies' pockets and destroy consumers' credit ratings.