YOUR CREDIT RESOURCE: Business credit card users not protected by CARD Act
News from Rapid City Journal:

Q. I’m the owner of a small business. I have a business credit card that I’ve used for several years. I’ve paid my bills on time, but my credit card company recently increased my interest rate. I thought that changes in laws meant that credit card companies couldn’t do that anymore.

A. The Credit Card Accountability Responsibility and Disclosure Act, or CARD Act of 2009, brought a variety of protections for many consumers. The CARD Act prevents arbitrary interest rate increases.

It prohibits exorbitant and unnecessary fees, it requires fairness in the timing of payments, it provides for enhanced disclosures of terms on statements and much more.

However, one area the CARD act does not cover is “professional” credit cards. Professional cards — which are also called business or corporate cards — are credit cards that target businesses and professionals. These cards tout themselves as being beneficial because they offer rewards geared toward businesses. Increasingly…………… continues on Rapid City Journal
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Personal Finance: Lenders must disclose rejection reasons
News from Sacramento Bee:

If you’re not feeling a lender’s love, you’ll soon know exactly why you got jilted.

Starting Thursday, if a lender denies you a credit card, a car loan or other loan product based on your credit score, you’re entitled to a free copy of that score. You’ll also get a list of the reasons why you got rejected. Ditto if you get a less-than-favorable interest rate on a new loan.

Some credit experts call the new disclosure rules a historic change in how consumers are treated by lenders.

It’s all part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress enacted last year to give consumers more clarity in their financial life. The legislation also created a new Consumer Financial Protection Bureau, which officially springs to life on Thursday as well.

The bureau’s mission is to ensure that consumers know exactly what they’re getting with mortgages, credit cards, loans and other financial products. Or as the bureau’s fledgling website (c…………… continues on Sacramento Bee
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