The Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 is a federal law passed by the United States Congress

1. What’s CARD Act? © Auto Relief Group http://autoreliefgroup.com

2. “The Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 is a federal law passed by the United States Congress and signed by President BarackObama on May 22, 2009”. ARG explains as: The CARD Act is approved to protect card holders from the unfair practices, sudden hikes in interest rates and changes in terms and conditions usually done by credit card companies. © Auto Relief Group http://autoreliefgroup.com

4. Regular payers must not be penalized by credit card companies. If a customer is regularly paying all his/ her bills on time for six months continuously, they must be charged their previous interest rate and not the hiked rate. © Auto Relief Group http://autoreliefgroup.com

6. Credit card companies usually mention some confusing terms such as ‘fixed rate’ and ‘prime rate’ as it is misleading for credit card holders. It is important that they set proper definitions of those terms.

7. The CARD act also gives the right to card holders to set a credit limit for their card. This will avoid over-spending and thus credit card companies will not be able to charge for non-payment. © Auto Relief Group http://autoreliefgroup.com

9. The act also limits the amount of ‘over-the-limit’ fees that are usually highly charged by credit card companies to gain profit.

10. Vulnerable consumers will be protected from fee-heavy subprime credit cards.

11. Under this act, congress must collect the data on industry profits of credit card industry and present every year. © Auto Relief Group http://autoreliefgroup.com

13. A credit card cannot be issued to teenagers i.e. below 21 years or if issued they must present a co-signer who can give a guarantee to repay the debts.

14. Banks must provide a reason for participating on college campuses and at university-themed events. © Auto Relief Group http://autoreliefgroup.com

15. Conclusion Under the CARD act people will get a chance to improve/ raise their credit score. The rules under this act automatically helps card holders to pay timely as they will be more aware of their limits, interest rates, etc and they can avoid paying penalties resulting in improvement in credit score. A high credit score in itself has many benefits for availing loans. Thus, you can get a loan at a lower interest rate as you would have paid off all your debts on time. © Auto Relief Group http://autoreliefgroup.com

16. Who is ARG? Auto Relief Group(ARG) is a Loan Modifying Service Company having a 15 year experience. It has worked with various clients satisfying them with the final deal they make with the banks. It was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck. © Auto Relief Group http://autoreliefgroup.com

18. Reduce your monthly interest payments

19. Renegotiate your car loan or lease

20. Extend terms

21. Avoid repossession and maintain ownership of your car© Auto Relief Group http://autoreliefgroup.com

22. Thank You © Auto Relief Group http://autoreliefgroup.com