Credit cardholder protection laws to take effect

The first wave of new credit card rules go into effect Thursday. They?re designed to protect cardholders from interest rate hikes and give them more time to pay their bills.

Under the new laws, cardholders can reject rate increases, but must close their account and repay the balance within five years. Companies will also be required to give 45 days notice before they can increase rates, instead of 15 days. Credit card bills will also be mailed 21 days before the due date instead of 14.

Consumer advocates say companies will try other ways to raise revenue, so they?re advising cardholders to beware of credit limit cuts and new fees.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."