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Found the Right Credit Card Offer? You Are Protected by Law!
12:00:00 AM Friday, March 28, 2008
When you have finally found the credit card offer that suits you best, you sign the credit card application. That means you accept all term and conditions of the plastic you have chosen. You may think that now credit card company has the upper hand in all situations related to using your card, but that's not always so.
You have your rights too! Remember that you are protected by Fair Credit Billing Act, this act was created especially for the credit card users, so that they could solve some major credit problems.
Let's start with billing disputes, they happen all the time. For example, you have paid for the item that you have never received or the item that you have received was defective, what should you do? According to the Fair Credit Billing Act, you have to take the following steps in order to dispute such charges:
- Contact in writing your credit card issuer, like Visa or MasterCard within 60 days starting from the date you received the bill for the disputed item. Make sure that you mention all your personal details (such as your name and account number) and don't forget to mention all details about disputed item and what actions should be taken.
- Before you send the letter, make a copy of it, as well as copies of all supporting documentation for your own record. You really want to make sure that your letter will be received, so it will be wise to use a mailing method that gives you the proof of delivery. The issuer must contact you within 30 days after the date they received your dispute and let you know all about the actions that will be taken. During the time of the investigation, you are not obliged to pay for this item. If you win the dispute, you will be free not to pay, if not, then you will be required to pay as it is outlined in your cardholder agreement.
Unauthorized charges is another major problem even of best credit cards. Your responsibility for unauthorized charges is limited to $50. But, unfortunately, they can be as high as thousands of dollars, so $50 is not a big price to pay if you are a victim of credit card fraud or identity theft.
What if you cannot pay off your credit card debt? In the past credit card users used to receive phone calls from the debt collectors, who used to threaten them in order to collect the debt. Fortunately, it is not this way now. According to the Fair Debt Collection Practices Act, the debtors cannot be treated this way anymore. It doesn't mean that you are free not to repay your debt; that means that you simply must be treated fairly!
For further information you can contact your credit card company and ask them any questions concerning you legal rights.
When you have chosen the right credit card offer, remember that your rights are protected by law, don't hesitate to take actions when you feel that you are right!
Joseph Kohl
07:53 AM, March 31, 2008
It is always good to know that my rights are protected! If you know the law, you can be 100% sure that you will not be fooled!
NEWS about Credit Cards | >> View all News
Credit Industry Regulations
04:47:12 AM Thursday, September 04, 2008
The proposed in 2007 better disclosure laws for credit card terms were not enough, as was indicated by consumers' comments. This has led to the new and broader regulations proposed by the Federal Reserve in May 2008 which are coming into force, cracking down on the lenders predatory policies of arbitrary interest rates and excessive fees. The American Bankers Association representatives, as well as all major US banks, are growing uneasy about the inevitable revenue drop they'll incur as a result of the stricter legislation. They warn the Fed and scary customers with unintended impact on lending prices, meaning that once they cannot overcharge high-risk customers, they will shift all the costs on customers who can and will pay. They say to apply for credit will become much more expensive and less available.
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Mileage Credit Cards Review
06:26:05 AM Thursday, August 21, 2008
Owners of frequent flyer credit cards are developing the habit of playing the ever changing game of the airlines. US major airlines, such as US Airways, Delta and Continental are altering their miles programs and the result may be frustrating for most travelers. Among the recently made changes are a greater number of redeemable miles required, fewer bonuses and new fees.
Whether suchlike alterations hurt consumers has not been revealed yet as the number of mileage cards currently in use holds steady. For over three years that number has been around 45 million, according to The Nilson Report. While it's curious to observe future developments, let's lay out the specifics of the established new requirements. It may influence your choices when you decide to apply for a card online.
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Credit Score Analysis
05:35:53 AM Thursday, August 07, 2008
Some US credit consumers have recently found themselves confused after purchasing their credit scores at one or all the major credit bureaus - Equifax, Experian and TransUnion. Their confusion gets a vivid expression through the following question sent to us by one of our readers: "Your website puts the credit score range as 350-850; however when I requested my credit scores through TransUnion and Experian, the range was 501-990, which makes someone with a 650 credit score a poor credit customer. Is the info on your website outdated and how often do you update?"
In this article, we'll try to give a comprehensive explanation to this issue so that credit card applicants get a clear picture of their chances when trying to get a new credit card or another loan.
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