If not, it doesn’t matter — this recent consumer protection law is still saving you money.
The Credit Card Accountability, Responsibility, and Disclosure Act (shorted to the CARD Act), introduced in 2009, was credited in a recent report as having saved consumers like you money by reducing penalty fees, protecting against the issuing of unaffordable credit cards, and for making credit card related costs easier for everyone to read and understand.
According to the report from the Consumer Financial Protection Bureau (CFRB, which was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act,), credit card late fees have fallen to six dollars on average. The report goes on to state that in 2012 the CARD act was responsible for saving people $2.5 billion in exceeded credit limit fees and also $1.5 billion in late fees.
Another improvement attributed to the CARD Act is comparing credit cards. (Note: AmOne has a tool available to help comparison shop between credit cards and we also have a credit card payoff calculator available as well.) The CARD Act was additionally named responsible for making credit card costs more closely match the annual fees and interest rates that are widely advertised.
In addition to the CFPB’s study, an earlier independent study supported the positive outcomes from the CARD Act. This independent study is from the Social Science Research Network and conducted by members of the U.S. Department of Treasury — Office of the Comptroller of the Currency (OOC) and the National Bureau of Economic Research (NBER), among others.