New Credit card law Feb 2010

This is one of the shorter sections of the new credit Card Law that goes into effect in Feb 2010. This is one of the easiest sections to understand in that it states quite clearly that a fixed term for the APR has to be exactly that and, it needs to be written clearly and in clear sight, it can not be hidden in the fine print. I am sure that we will see new language will be introduced to come up with new ways of phrasing this so that they can get around it but if you look I am equally sue that you will see that some of the better credit cards will follow the law and not try to circumvent it with cheap lawyer word tricks


(Sec. 103) Limits the use of the term "fixed," in conjunction with an APR or applicable interest rate, to a rate that will not change or vary for any reason over the period specified clearly and conspicuously in the terms of the account.