No More "Fine
Print" In New
Credit and Debit
Card Regulations
If you can't
read the small
fine print in
your credit card
agreement with
the bank, not to
worry, because
as of July 1,
credit card
issuers have to
provide to all
their clients a
contract that
does not include
any fine print.
That is the
print in every
agreement must
be legible
without having
to use a
magnifying
glass.
The print type
in the agreement
must not include
characters of
less 5
millimetres, is
just one of the
changes in the
credit changes
that went into
effect on July
1, to allow
consumers to
know exactly
what they are
signing for.
Other changes
include that
customer can
refuse, within
two months, any
changes made to
the contract by
the card issuer.
In addition,
card issuers are
required to
submit a
prospectus,
which is to
inform the
consumer of the
services being
purchased, the
restrictions and
the different
calculations of
interest
charges.
The new rules
for issuers of
credit cards is
included in the
new "Reglamento
de Tarjetas de
Crédito y Débito",
which was
approved last
March by the
former
administration,
in an effort to
protect
consumers from
unscrupulous
practices by
financial
institutions.
Another change
in the
regulation is
limited the
number of times
to three calls a
card issuer can
make to a
defaulting
customer.
In addition, the
call can only be
made directly
with the
customer or
co-signers, that
is they cannot
talk to a spouse
or other family
member or friend
of the
defaulting
customer. |
|
|
 |
|
|
|
|
|
