Which of the following is not true about the Credit CARD Act of 2009?
A)States that teaser rates must stay in effect for at least 6 months
B)Makes new disclosure statements clear and more timely
C)Requires credit card issuers to post their standard card agreements on the Internet
D)Allows card issuers to apply new higher interest rates to the existing card balances
E)Requires issuers to mail monthly statements at least 21 days before payment is due

Question

Quizplus · Accepted Answer

The Credit CARD Act of 2009 prohibits card issuers from applying increased interest rates to existing balances unless the account is more than 60 days delinquent. This means that new higher interest rates cannot be applied to existing balances under normal circumstances, making option D incorrect.

Which of the Following Is Not True About the Credit