What is CARD Act ?

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Whats CARD Act?
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The Credit Card Accountability Responsibility
and Disclosure Act of 2009 or Credit CARD Act of
2009 is a federal law passed by the United States
Congress and signed by President Barack Obama on
May 22, 2009.
ARG explains as The CARD Act is approved to
protect card holders from the unfair practices,
sudden hikes in interest rates and changes in
terms and conditions usually done by credit card
companies.
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The following points will extract summary and
explain the significance of the bill

• Credit card holders must be given protection
  against sudden hike in interest rates. A minimum
  45 days notice must be provided to all card
  holders for any changes in interest rate so that
  they dont feel cheated.

• Regular payers must not be penalized by credit
  card companies. If a customer is regularly paying
  all his/ her bills on time for six months
  continuously, they must be charged their previous
  interest rate and not the hiked rate.

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• Credit card holders must be informed 21 days
  before the due date of their bill payments to
  avoid penalties.

• Credit card companies usually mention some
  confusing terms such as fixed rate and prime
  rate as it is misleading for credit card
  holders. It is important that they set proper
  definitions of those terms.

• The CARD act also gives the right to card
  holders to set a credit limit for their card.
  This will avoid over-spending and thus credit
  card companies will not be able to charge for
  non-payment.

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• Fair allotment of payments must be done by the
  credit card companies. The debts which have a
  higher interest rate must be cleared off first
  and then other bills.

• The act also limits the amount of
  over-the-limit fees that are usually highly
  charged by credit card companies to gain profit.

• Vulnerable consumers will be protected from
  fee-heavy subprime credit cards.

• Under this act, congress must collect the data
  on industry profits of credit card industry and
  present every year.

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• The credit card holders will have the right to
  get an explanation of the minimum amount he/she
  has to pay against the debts and interest
  charges.

• A credit card cannot be issued to teenagers i.e.
  below 21 years or if issued they must present a
  co-signer who can give a guarantee to repay the
  debts.

• Banks must provide a reason for participating on
  college campuses and at university-themed events.

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Under the CARD act people will get a chance to
improve/ raise their credit score. The rules
under this act automatically helps card holders
to pay timely as they will be more aware of their
limits, interest rates, etc and they can avoid
paying penalties resulting in improvement in
credit score. A high credit score in itself has
many benefits for availing loans. Thus, you can
get a loan at a lower interest rate as you would
have paid off all your debts on time.
Conclusion
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Who is ARG?
Auto Relief Group(ARG) is a Loan Modifying
Service Company having a 15 year experience. It
has worked with various clients satisfying them
with the final deal they make with the banks. It
was founded to help customers deal with their
auto loan payments in time of need. Over the
years each member of their team has developed a
stellar reputation, and industry connections,
allowing the company to quickly identify
opportunities and act to assist the clients in
their efforts to reduce their payment and keep
their car, SUV or truck.
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What can ARG do for you?

• Modify your car loan
• Reduce your monthly interest payments
• Renegotiate your car loan or lease
• Extend terms
• Avoid repossession and maintain ownership of your
  car

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Thank You
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