Credit Card Changes
Two of the Credit CARD Act changes are already in place.
Consumers now have 21 days to send their payments in instead of 14 days and credit card companies must give consumers 45 days notice if their terms change, instead of 15 days.
Although it is noted that one important exception to the 45-day notification rule is if your credit card company decides to reduce your credit limit – the company can do that without any warning.
Should they lower your limit, call the company and ask for it to be reversed. If the credit card company refuses, then pay any remaining balance as soon as possible since lowering your credit limit could affect your credit score. Remember that it is ideal to keep your credit balance to credit limit below 40% or it will affect your credit negatively which in turn can lower your credit score enough to affect your rates on insurance, mortgages, and many other items.