The Library of Congress has compiled a quick list of the most important aspects of the Credit Card Bill that passed the Congress and was signed into law by President Obama last week. Here are some of the ramifications that might affect you:
* Creditors cannot increase the annual percentage rate (APR) during the first 12 months after a cardholder opens an account.
* Creditors must provide consumers with a 45-day advance notice of changes in rates and significant contract changes, not including changes resulting from a change in the index that the rate is based on.
* Promotional rates need to be in effect for at least six months from the beginning date of that promotion.
* Creditors are prohibited from providing credit to people under 18, unless their parent or legal guardian is designated as the primary account holder.
* Creditors are prohibited from opening a credit card account for any college student who does not have any verifiable annual gross income or already maintains a credit card account with that creditor.
A full list of the bill's impact on consumers, in clear, comprehensible English, can be found here.
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