New laws, including the Credit Card Accountability Responsibility & Disclosure Act (also known as the CARD Act of 2009) and revisions to Truth in Lending, have been passed to give you increased protection in the consumer credit card market.
Here are some of the ways the CARD Act of 2009 will affect your Citi consumer credit card account:
Enhancements to your monthly credit card statement
- Account statements will be easier to read and will give you more information at a glance, including:
- The estimated time it will take you to pay off your balance by making only the monthly minimum payment due, assuming no additional purchases
- The amount you�d need to pay each month to pay off your balance in about 36 months, assuming no additional purchases
- An easy-to-understand late payment warning describing the potential impact of late payments
- A summary of account activity including payments, purchases and fees charged
More advance notice of account changes
- Receive a minimum of 45 days notice before significant changes are made to your account.
Limitations on interest rate changes
- Interest rates will not be raised on existing balances, except when:
- You have an introductory rate, a promotional rate, or a special payment arrangement that expires.
- You have a variable rate on your account.
- Your payment is more than 60 days past due or you have broken a special payment arrangement.
- Rate increases will only apply to new transactions.
More time to review your statement
- You will have a minimum of 21 days between the day your statement is mailed and your payment due date.
Predictable due date.
- Your payment due date will be on the same day, every month
Pay-by-phone without a fee.
- It won't cost you anything to make payments through our automated phone system.
- You�ll only be charged a fee if you speak to a customer service representative to make a payment.
Amounts over the Minimum Payment Due are generally used to pay off higher rate balances first.
- Amounts in excess of the minimum payment due are applied to balances with higher APRs before balances with lower APRs.
- The only exception to this is the 2-3 billing cycles at the end of a deferred interest promotion. During this time we will apply any payment in excess of your minimum payment due to your expiring deferred interest promotion. This will ensure you continue to have the best opportunity to pay your deferred interest promotional balances before expiration. Get more details.
No over-credit limit fees.
- Pay no over-credit limit fees when you exceed the credit limit on your card.
- Be mindful that any transaction that will cause your balance to exceed your credit limit can still be declined.
Special Rules for those under 21.
- Young adults under the age of 21 must provide an independent ability to repay along with their written or online application for credit or requests for credit line increases.
Easy access to card agreements.
What can I do to get more information?
- For more information on the CARD Act of 2009 visit the Federal Reserve Board website.
- Contact your other credit card issuers to learn how the CARD Act of 2009 affects your non-Citi issued credit cards.