Credit Card Act and your HCU VISA
The Credit Card Act is now in place for American consumers. Overall, we think it's a good set of regulations that will benefit consumers and level the credit card playing field. Many of the provisions of the Act don't affect us here at HCU, as we were already in compliance with them. However, the Act does affect our program a bit, so we wanted to make you aware of these changes.
Credit Card Act changes now in effect:
- Members must opt-in if they want to have the ability to go over-limit with their HCU VISA. We will be sending out opt-in forms soon for all HCU cardholders.
- If there will be any increases in our credit card interest rates or fees, members will receive notice 45 days ahead of time and any rate changes will only apply to future purchases, NOT previous balances. All interest rates on HCU credit cards are non-variable rates.
- You will have the right to cancel your HCU card in the event of any fee or rate changes, and continue to pay any balance you may have with us, if you like.
Credit Card Act changes coming soon:
- We will publish a phone number of a Consumer Credit Counseling Agency toll free number on your credit card statement which will provide you with three agencies to choose from, should you wish to contact one.
- Your statement will have an added warning against making minimum monthly payments and give cost scenarios for minimum monthly payments versus paying off the balance in 36 months.
To summarize, we at HCU welcome the Credit Card Act and all the benefits it will bring to America's consumers. You will see minimal changes on your HCU credit cards.