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First Phase of New Credit Card Law Takes Effect Today

Thursday, August 20th, 2009

The first part of the Credit Card Accountability Responsibility and Disclosure Act of 2009 takes effect today. Under the new law:

  • Issuers must give 45 days of warning before rate or fee increases, instead of 15 days
  • Statements must be mailed 21 days in advance of the bill’s due date, instead of 14
  • Banks must also give consumers the choice of opting out of rate increases by canceling their accounts and paying off their existing balances at the old, lower rate.

The remaining provisions are set to become effective next year.

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2 Responses to “First Phase of New Credit Card Law Takes Effect Today”

  1. Kerry Wevurski Says:
    September 3rd, 2009 at 4:19 am

    American Express is one of the worst of the credit card companies in my opinion. I used to have three cards, Gold, Blue and Costco true earnings. I just paid off and closed my Blue card when I received the rate hike notice and I will be doing the same with the Costco card within the next month. Note that I have never gone over the limit, I have always paid double or more the payment due and always on time or early payments for the past 4 years that I have had the cards. In response to this, Amex has first lowered my avilable credit to within $50 of my balance, which them dropped my credit score because I had balances too close to the available credit! I received a rate hike letter from Amex that was dated August 5, I called to close out the account, which by the new law, which went into effect on August 20, and was told that I will stay have to pay the higher rate on the balance, even if I close out my account, because they sent the letter out 15 days prior to the law taking effect!!! Games and trickery by Amex!!!
    I am furious at being treated like this. Any suggestions as to how to change this situation???

  2. ccwatcher Says:
    September 3rd, 2009 at 9:45 am

    @Kerry

    Sorry to hear about your problem. That is very sneaky of Amex. One option you could consider is escalating this issue to Amex’s executive customer service team. There’s a better chance that they will be able to help you out. Here is their contact info:

    American Express Company
    Executive Offices
    200 Vesey Street
    New York, New York 10285
    212-640-2000

    Executive Secretary’s Office
    212-640-5583

    If you wish to voice your displeasure or air your grievance to the execs, here are their email addresses:

    kenneth.I.Chenault@aexp.com, kenneth.Chenault@aexp.com, daniel.t.henry@aexp.com, daniel.henry@aexp.com, edward.p.gilligan@aexp.com, edward.gilligan@aexp.com, alfred.f.kelly@aexp.com, alfred.kelly@aexp.com, l.kevin.cox@aexp.com, ashwini.gupta@aexp.com, john.d.hayes@aexp.com, john.hayes@aexp.com, judson.c.linville@aexp.com, judson.linville@aexp.com, louise.m.parent@aexp.com, louise.parent@aexp.com, thomas.schick@aexp.com, steve.squeri@aexp.com, douglas.e.buckminster@aexp.com, douglas.buckminster@aexp.com, william.h.glenn@aexp.com, william.glenn@aexp.com

    Good luck.

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