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Last week I informed you to be on the look out for major credit card reforms that will be in full effect starting February 22, 2010.

Special thanks to Congress and President Obama the Credit Card Bill of Rights Act 2009 (the formal name is Credit Card Accountability Responsibility and Disclosure Act of 2009) will put the smack down on credit issuers by placing stiffer guardrails that would prevent them from pouncing on consumers like you and me.

I dread calling the credit card company to ask them what seems like a simple question only to be convinced when they give me the answer; that I need an interpreter to help me understand the question that I asked. To be frank, I have a sneaky suspicion the credit card account representative on the other end of the line doesn’t know what they are talking about either. These new credit card rules are expected to eliminate this confusion and provide major protection to the consumer.

Here are a few more highlights of the changes:

  • Payments due on the same date each month.
  • No fees to make your credit card payment online, by mail or over the phone, unless you make a last minute payment over the phone.
  • The billing statement must be sent to you 21 days in advance before the due date.
  • Mailed credit card payments delivered by 5 pm on the due date are on time.
  • Payment made at a local branch should be credited the same day.
  • Payments are on time when received the next business day after a holiday or weekend. For example, if your due date falls on a holiday or weekend and the card issuer receives your payment on the following Monday, your payment will be considered on time.
  • Credit card issuers will not be able to charge over-limit fees unless they obtain the account holder’s consent to accept and process over-limit transactions beforehand.

I hope these highlights were helpful to you. Remember to review your credit card statement to make sure that your credit card issuer is following the new rules. For a detail look at the bill go to for more information. Check back next week and I will share steps to help you clean up your credit.

It is my desire that you are inspired to be good steward over these three areas of your life: Time, Talent, Treasure. Time, you must learn to manage your time; talent you have skills and gifts and lastly treasure, your finances need to managed appropriately. All of these areas work together, when they are managed properly you will be able to become A BETTER YOU!

Pastor George

Written By Pastor George B. Thompson for

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