On May 22, 2009, President Obama signed the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 into law. This law developed as a Credit Cardholders’ Bill of Rights, was intended to protect consumers from unsavory practices in credit card programs. This act protects consumers from confusing or misleading terminology, retroactive interest rate increases on existing card balances, prepayment penalties, greater advance notice of changes in credit card terms, and fewer penalties and late charges.
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