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CARD Act resulted to fewer rewards

[Friday, November 26th, 2010]

The CARD Act guiding credit terms has changed the face of the credit card rewards people are familiar with. The certain limitations this guiding law has set to the credit industry made credit card issuers to create other means to make profit one of which happened to be the reduction of their credit card rewards.

Credit card providers have become more stingy when it comes to the rewards their consumers can take advantage of. This effort is made primarily to save some money to compensate with the lost profit triggered by the new CRAD Act. Most credit card providers made stricter qualifications for their reward programs making most consumers less eligible for the rewards. Some credit card companies are now considering their consumers` payment behavior in determining whether they can accrue their reward points or not. Card holders with late payments in particular can no longer accumulate reward points.

These changes in the reward and loyalty programs by credit card providers might not always be introduced to card holders verbally thus consumers are advised to read their notices their credit card company is giving them to avoid being uninformed with the matter.

Having lesser opportunities for consumers to enjoy the benefits of credit card rewards and loyalty programs is just one of the many changes the CARD Act has brought in the credit industry. In the pursuit to make credit cards terms easier for consumers to comprehend and for more transparency CARD Act introduced dramatic changes however these changes made credit card more expensive therefore less available for low-income families and to those who suffer from wrecked credit reports.

CARD Act is aimed to reduce the chances of consumers experiencing retroactive increases in the interest rates on their existing credit card balances. The credit card law also gave consumers more time to settle their monthly bills. Also to promote transparency this law made it possible for consumers to be informed of the changes in their credit card terms far more advanced than how this thing worked before. Moreover consumers are given rights to opt out some of the significant modifications in terms concerning their accounts.

The CARD Act however opens the return of the increase in annual fees and lesser credit card rewards. The changes brought about by this credit card law posted restrictions to credit card providers making them drop some of their areas of profit. This situation in turn made providers create other means to save and earn thus passing to consumers the price to.

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