cards
Customers who had a lot of troubling understanding the finer details of credit cards have finally found a reason to smile, thanks to the CARD Act. Through the last 12 months that this act has been in implementation, a lot of credit card lenders are ensuring they explain the terms, conditions and promotional offers clearly to the applicants before they sign on the dotted line.
The implementation of the CARD Act closed the loopholes which card lenders used to squeeze money from unwitting customers. The rules of the act mandate increased transparency in the working of the card so clients are aware of the various charges and fees they are paying with their hard earned money.
A senior researcher at CRL (Center for Responsible Lending), Joshua M Frank said the this act helped reverse the trend of unclear pricing that was plaguing customers for very long time making them feel that they would be paying much lesser than what they expected towards their credit card debt. He also went on to say that the transparency in the pricing has led to increased competition in the credit card industry and had helped crack down on poor lending habits.
Thanks to the implementation of this act, the interest rates on credit cards have remained more or less stable and have not increased much even during these trying economic times. The transparency and clarity in the functioning of credit cards has resulted in customers saving more money than they had ever expected to.
