CardRatings Speaks Out on Final Chapter of the CARD Act

by News Guy on September 20, 2010

Little Rock, AR — — the most comprehensive free source for comparing credit card offers — recently published a series of expert-driven articles and blog posts on the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, scheduled to launch its final chapter on August 22, 2010.

Curtis Arnold, founder of, summarizes the last leg of the CARD Act in three keynote blog posts:

  • Credit CARD Act Takes on Store-bought Gift Cards
  • New Credit CARD Act Rules Clamp Down on Fees
  • Credit CARD Act Tackles Penalty Interest Rates

While the August 22 provisions should clamp down on unjust practices by card issuers, Arnold believes the new laws come with certain drawbacks.

“What I like most about this latest round of consumer protections is the limits put on certain fees,” Arnold said. “However, the downside is that some of the new law could create loopholes. For example, asking issuers to re-evaluate your rate every six months sounds good on paper. But, realistically, how many issuers are going to feel compelled, based on that review, to actually reduce your rate?”

Beverly Blair Harzog, fellow credit card expert and site spokesperson, agrees with Arnold. When asked about her recent article “Think You Understand the New Credit Card Laws? Think Again,” Harzog touched on how credit card issuers could get around both present and upcoming provisions of the CARD Act, and why consumer education is so important.

“The Credit CARD Act is certainly a benefit for consumers. But as often happens with legislation, the act of compromising creates loopholes and vague wording,” Harzog said. “Because there’s so much room for interpretation on some of these issues, consumers really need to take the time to educate themselves.

In addition to education, Harzog also explained the need for diligence.

“Once consumers understand the new laws and know what their rights are, they need to read every piece of mail they receive from their issuers. Be on the lookout for any unusual charges or changes in interest rates that you think violate your rights. If you see anything questionable, don’t hesitate to get on the phone with your card issuer.”

About has been educating consumers about credit cards since 1998 and has been featured by hundreds of media outlets, including The Wall Street Journal, Good Morning America, The New York Times, and The Today Show. Thanks to consumers, has become the most comprehensive free source for comparing credit card offers and has helped over a million people find the best credit cards for their individual needs.

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