Monday, June 14, 2010

New Credit Card Laws: Then, Now and Us

Thank you to The Huffington Post for the structure of this post.

Click here for their February 22, 2010 article.

Click here for updates from the Federal Reserve regarding changes in August.

Interest Rates
Eaton Family Credit Union has not raised interest rates on our fixed rate Classic Visa for 5+ years. Our variable rate Platinum Visa may change quarterly based on Prime plus 3.9% APR.

Eaton Family Credit Union's monthly statement will follow the updated format based on average daily balance.

Service Fees
Eaton Family Credit Union: NO Annual Fee, NO Cash Advance Fee, NO Minimum Charge Fee.

Grace Periods
Eaton Family Credit Union cardholders have 25-day Grace Period; time to pay without interest.

Over The Limit Fees
Eaton Family Credit Union credit cards have no Over The Limit Fees.

Universal Default
Eaton Family Credit Union never had a Universal Default rate and never will.

Eaton Family Credit Union student members are eligible for our Visa credit card but they must have an income or co-signer.

Late Payment Fee
Eaton Family Credit Union credit card late payment fee is $19.00.

Rate Changes
Though we cannot guarantee specific future interest rates, Eaton Family Credit Union's fixed rate classic Visa card has varied 1% APR over the last 10 years.

Click here for more information on our NO ANNUAL FEE Visa credit card.

Check out this humorous look at credit cards from The Daily Show with Jon Stewart.


student credit cards said...

some students might find this new credit card as a bad news because it would be harder for them to acquire a student credit card without a co-signer or independent proof of income.

Eaton Family Credit Union said...

As noted, this is not a change to our policy. Students have always needed proof of income or a co-signer. An alternative once the student saves up some money would be a Share Secured card.