New Credit Card Rules to Protect the Customers from Tricky Policy

In order to protect the public from the increasing number of abusive practices committed by credit card issuers the new regulations for the Credit Card uses was then went into effect on Sunday. In most cases the tricky policies such as expiration dates and hidden fees are commonly experienced by credit card users and they made many customers feel upset such as an Upper West side resident Diane Fanizza stated “it was a disgusting practices and it’s the time to take actions against it”.

As the government interfering to overcome the problems many credit card issuers now have to provide customers explanations before the banks raise the interest rates as well as reevaluate the increase within six months. The new rules also eliminate double penalties, late penalties, exceeding the credit limit, in most cases customer must only require to pay $25 for penalty fees. Even though the new regulation is launched however some people may skeptical about it as Daniela Costarelo the Queensland resident said “They’ll always find a new tricky way to rip you off”.

The same rules are also applied for gift cards. Now the customers can still get the money from the gift cards even though it has been kept in them for at least five years.