Credit Card Changes

For those of you who have been living in a cave, anticipate changes on your credit cards in the next few days. Phase II of the Credit Card Act of 2009 go into place in several days, on Feb. 22.

If you're unaware of pending changes on your current or existing card or account, you may want to call your bank today. In anticipation of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, many credit card companies raised their rates, or APRs on existing customers. Call them now if you are unaware.

If the pending rate on your balance is going up to 22 percent or perhaps something much more than you previously had, it may be time to shop around for a balance transfer. Many offers for new accounts offer a teaser or introductory rate. Read the fine print for default rates that may occur if your payment is one day late.

If you're just paying off a balance, you may want to automate your payment using scheduled Billpay payments or some other arrangement. Typical balance transfer fees are 2 or 3 percent. This is the industry standard.