Requirements that took effect on February 22 from the Credit Card Accountability, Responsibility and Disclosure Act make it so billing statements show new information, including the length of time it would take for an accountholder to pay off their debt if they only put forward minimum payments.
The AP noted that some banks may be able to get around that requirement, at least initially, when customers sign on to check out their credit card account online. The banks are doing so by only including the mandated information on monthly statements.
“That means cardholders will need to download or view a PDF copy of their full statements to see the new calculations,” the report from the AP said.
Along with this particular tactic, many banks increased interest rates and fees before the second part of the act took effect in February. As of that time, card companies’ ability to do so is limited.
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