Credit card reform and credit scores | The Frugalista

Credit card reform and credit scores

by frugalista on August 23, 2010

Hey, lovebugs! The latest reforms on the credit card industry went into effect over the weekend. Three cheers!

Among the latest reforms (via CNN):

1) Gift cards are valid for five years.

2) Penalty fees can not be more than the dollar amount incurred by the consumer’s violation that caused the fee. For instance, if you are late making a $20 minimum payment, the fee can’t exceed $20. A consumer who exceeds her credit limit by $5 cannot be charged an over-the-limit fee of more than $5. (from CNN.)

3) Except from in extreme circumstances, late fees can’t be more than $25.

Yeah, I’m glad the credit card industry is becoming kinder and gentler. The key about credit cards, though, is to not carry a balance. These reforms are nice, but if you don’t carry a balance, you don’t have to worry about fees.

So below is a video on how to improve your credit score. Let’s go!

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