The Credit Counseling Professionals

1.) Interest Rate Hikes

a. It increases your interest rate;
b. Changes your card from a fixed rate to a variable rate;
c. Reduces your credit limit, or
d. Changes certain fees (such as annual fees, cash advance fees, and late fees).

2.) Rate Increases In the First Year

a. An introductory rate that lasts at least six months,
b. A variable rate that changes based on a change in the index,;
c. You fall behind 60 days or more on payments,
d. You are in a credit counseling program or workout agreement and you fall behind.
e. All of the above

3.) Over-limit Fees

a. You must opt-in to allow your issuer to authorize purchases that will put you over your limit before you can be charged an over-limit fee.
b. No more than one over-limit fee can be charged per billing cycle.
c. If you do not opt in to over-limit fees, purchases that put you over the limit must be declined.
d. You cannot be charged an over-limit fee if you go over your limit solely due to interest charges or fees

4.) Billing Protections

a. Statements must be delivered at least 21 days before the due date.
b. No more than one over-limit fee can be charged per billing cycle.
c. If you do not opt in to over-limit fees, purchases that put you over the limit must be declined.
d. You cannot be charged an over-limit fee if you go over your limit solely due to interest charges or fees

5.) Underage Consumers

If you are under 21, which of the following will be required in order to get a credit card:

a. Proof of sufficient income, or a co-signer who has sufficient income
b. A credit score of 720 or higher
c. Successful completion of a basic financial literacy course
d. A pulse

6.) Cosigners

Someone who cosigns for you:

a. Must be notified in writing before your account is goes to collections if you don’t pay
b. Must worry about the debt affecting their credit reports if you pay it on time
c. Cannot be held responsible for the debt if you file for bankruptcy
d. Can remove their names from the account only if they do so in writing

7.) Additional CARD Act Protections

Which of the following are additional protections under the CARD Act?

a. Statements will include the payment required to pay off the current balance in five years or less
b. Gift cards fees for inactivity are not allowed in the first five years.
c. Marketers may no longer use the words “free credit report” when marketing credit report services
d. Two-cycle billing is no longer allowed