Credit Card Act
What Does the New Credit Card Act Mean to You?Paying Ahead to Skip a Payment No Longer Allowed
Additional federal regulations related to the Credit Card Act now mean that paying MORE than the minimum payment due will no longer reduce the minimum payment due next month, beginning with your first statement after November 14, 2011. You may no longer "skip a payment" by paying ahead.
Each month your credit card has a balance, a minimum payment will be due BY THE DATE SHOWN ON YOUR STATEMENT. Please make a note of this to prevent any inadvertent late charges.
You may find it helpful to set up a custom Account Alert
through SCU Online when you receive your credit card statement each month to remind you when your minimum payment is due.
Congress passed the Credit Card Act of 2009 to provide additional protection to consumers and prevent unfair practices. State Credit Union is proud that many of the new regulations do not affect our card program because we were already in compliance with the new rules.
But, part of the law involves changes in the way information is presented to you, as well as additional communication on your statement. There also are revisions to details of how your billing and and payments work. The FAQs that follow can help you understand the new changes, most of which were effective February 22, 2010.
You also may find it helpful to visit the Federal Reserve Board's credit card resource page. Today's credit card statement displays more information than it did in the past. Click here to preview an example. Our Visa Agreement & Disclosures have changed. Click here to view, print or save a copy of the new document.
If you have any questions about your new statement or the new regulations, please give us a call at 800-868-8740 or 803-343-0300, ext. 8610.