Most of the credit card reforms proposed by the credit CARD act come into effect from February next year. However some changes came into effect last week, which include:
- Credit card companies must notify customers 45 days in advance before they change the interest rates and other major terms .
- Credit card users are given a period of 21 days from the day their bills are sent out to the day payment is due. This is an extension of 7 days from the period of 14 days allowed earlier.