The Credit Card Accountability, Responsibility and Disclosure Act Takes Effect this Month


This month, credit card customers can expect a new look to their monthly statements. The Credit Card Accountability, Responsibility and Disclosure of 2009, also known as the CARD Act, went into effect, bringing changes designed to help consumers better understand their accounts.

The new statements are easier to read and include information about how long it will take and how much it will cost to pay off your balance if you only make minimum payments.

Further changes to credit card statements stemming from the CARD Act include:
  • Improved format for quick access to your information.


  • Account summary of monthly transactions including totals by transaction category, total fees and interest for the statement period.


  • Year-to-date totals of fees and interest keeping a collective total of the fees and interest on your account.


  • Due date reminder, listing the date by which your card issuer will need to receive your payment in order to ensure a timely payment and prevent late fees.


Consumers should know the costs and responsibilities of using credit, in addition to the benefits. The CARD Act will help people take control over personal budgets and make informed decisions when it comes to debt management. Check out your credit card statements this month to view the enhancements.

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