There are a number of rules that apply to credit cards, including:
- Credit card companies must disclose all terms and conditions of the credit card, including the interest rate, fees, and any rewards programs.
- Credit card companies must provide a summary of the terms and conditions in a clear and concise manner.
- Credit card companies must provide a billing statement each month that lists all transactions, fees, and charges.
- Credit card companies must provide a grace period for payment, typically 21 days, during which time no interest is charged if the balance is paid in full.
- Credit card companies must disclose any changes to the terms and conditions of the credit card, including changes to the interest rate and fees, at least 45 days in advance.
- Credit card companies cannot increase the interest rate on existing balances unless the credit card has a variable interest rate and the terms and conditions of the credit card allow for such an increase.
- Credit card companies cannot charge fees for certain types of transactions, such as balance inquiries or account maintenance.
- Credit card companies cannot charge fees for exceeding the credit limit unless the credit card has a feature that allows for such fees and the terms and conditions of the credit card allow for such fees.
- Credit card companies cannot charge fees for using a credit card at a foreign merchant or for making a foreign currency transaction.
- Credit card companies must follow fair credit reporting practices, including reporting accurate information to credit reporting agencies and correcting any errors in a timely manner.
It’s important to carefully review the terms and conditions of your credit card to understand all of the rules that apply to your account. If you have any questions or concerns about the rules of your credit card, you should contact your credit card issuer for more information.
