Credit Card Tips for the New Year 2011

 

Here are some credit card guidelines for the New Year to make sure you stay informed, protected and in good credit.

• It is no longer a violation for stores to have a credit card minimum purchase restriction on their goods. The Dodd-Frank Wall Street Reform and Consumer Protection Act allow retailers to apply a $10 minimum credit card purchase on store bought items. This is not applicable to debit cards.
• Not only do you receive a credit card agreement but you now will also receive a one page summary in which you can keep for later reference.
• Not all changes to accounts must be disclosed 45 days before changes occurs. Credit card limit reductions and account closures are some of the changes that are not required to be announced under the CARD Act.
• New risk-based pricing rules take effect this January that require creditors to inform applicants if they don’t qualify for best terms but an exception is if the creditor provides free credit score disclosure to anyone who applies. This would mean that for just trying to open an account, you may be able to receive a free credit score.
• Read the credit score requirements are for each credit card. This will help you to not apply and hurt your credit score for a card you aren’t even eligible for.
• Take advantage of receiving your annual free credit score by going to AnnualCreditReport.com. You can get all three scores at once or space them out throughout the year. Avoid the websites that charge you a monthly fee for your credit score because the Fair and Accurate Credit Transaction Act gives you a free score disclosure each year.