Bad credit credit cards What you need to know
As of August 20, 2009, new legislation called the Credit CARD Act of 2009 gives owners of student credit cards more control over their cards, and puts new federal limits on what card issuers can and can't do. The legislation takes effect in several stages, with the biggest changes coming on February 22, 2010 and the last provisions taking effect on May 22, 2011. However, the very first provisions will start giving credit card owners relief on August 20th. On August 20, these changes take effect: * Credit card companies must give their customers 45 days' advance warning before changing the terms of their credit card agreements. The old limit was 15 days' warning, a term that was so short that consumers often didn't receive the letter warning them of oncoming changes until the date of the change had arrived.