That third one makes me think I will never ever get a balance transfer again... ah, the good ol' days when Discover gave me 0% for the life of the balance and I put 1/3 of my truck and the remainder of my school loans on it... ;)
Unfortunately, they don't take effect until July, 2010. Here's what they are:
- No more raising rates on existing balances
- No more double-cycle billing.
- Any payment above the minimum must automatically apply to the part of the balance with the highest interest.
- Minimum time before notice of change of terms takes effect goes from 15 to 45 days.
- Borrowers need reasonable time before a payment is due, at least 21 days
- No excessive fees for exceeding credit limit because of a hold placed on the account
- Subprime credit cards that have a $500 credit limit but a big upfront fee will have that fee capped at no more than 50% of the credit limit, and it can be paid off over a year, rather than immediately.
