Citi® Credit Cards

NEW CREDIT CARD LAWS HAVE BROUGHT CHANGE


See what these rules mean for you

By now, you have heard about the new laws (the Credit CARD Act of 2009 and revisions to Truth In Lending) that brought many changes to the credit card industry. These changes apply to all consumer credit cards, including retailer credit cards issued by Citi®. That's why we're providing information to help you stay informed and maintain healthy credit in this ever-changing economic environment.

A number of additional new changes took effect on August 22, 2010. Here‘s what you can expect to see with your credit cards issued by Citi, including retailer branded credit cards.

Limits on Penalty Fees

Penalty fees will not exceed $25 for the first violation, and $35 for any additional violation of the same type that occurs within the next six billing cycles.

In any case, you will not be charged a late or returned check fee which exceeds the actual minimum payment due.
Example: If a minimum payment due of $38 is late, the late fee for the first violation will not exceed $25.  If a minimum payment due of $19 is late, the late fee amount will not exceed 19.

You can only be charged one penalty fee for the same event.
Example: If a payment is made late AND the check used to make the payment is returned unpaid, either a late fee OR a returned payment fee could be charged, but not both since fees are the result of the same event (a payment).

Review of Annual Percentage Rate (APR) Increases

In general, increases to the Annual Percentage Rate (APR) must be reviewed every six months and lowered if the factors which caused the rate increase have changed.   Although the rate does not have to return to the rate that existed immediately before the increase, the reduction would be applied within 45 days of the review.

Here’s what you see on your credit cards issued by Citi, including retailer branded credit cards, based on changes that took place in early 2010.

Your monthly credit card statement has changed.

Account statements are easier to read and give you more information at a glance, including:

More advance notice.

Limitations on interest rate changes.

Predictable due dates.

Avoid pay-by-phone fees.

Time to review your statement.

Amounts over the Minimum Payment Due are generally used to pay off higher rate balances first.

Get more details.

No over-credit limit fees.

Protection for those under 21.

Easy access to card agreements.

What can I do to get more information?