Credit Card Act provisions take effect today

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Two provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 take effect today.

Creditors must now provide written notice 45 days prior to the effective date of: (1) any increase in an annual percentage rate; and (2) any significant change, as determined by rule of the Federal Reserve Board, in the terms of the cardholder agreement, including an increase in fees or finance charges.

Also, each periodic statement of payment must be mailed at least 21 days before the payment due date or grace period expiration date.

The remaining provisions become effective Feb. 22.

Marilynn Davis, director of card and ATM services for Ent Federal Credit Union, said the two provisions are minor – for the credit card companies – compared to those that will take effect in February.

“But they are good and beneficial changes for the consumer,” Davis said.