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CUs better card rates more evident with new law
MADISON, Wis. (5/27/09)--A new law--the Credit Card Accountability, Responsibility and Disclosure Act of 2009, know by the partial acronym the “Credit CARD Act,” which is expected to tighten credit card regulations--may make credit unions’ credit card rates more visible, according to several major media outlets. Credit cards from credit unions are “better deals than bank credit cards--and this should become more evident” with the new legislation, MarketWatch said Tuesday. It’s a good time to shop around for a better credit card, according to The Wall Street Journal (May 22). Consumer should consider smaller financial institutions or credit unions “that may be more eager for your business,” the newspaper said. Ed Lawrence, finance professor at the University of Missouri-St. Louis, told the St. Louis Post-Dispatch Sunday that “I would just quit using [my card] if they started putting annual fees on it. A lot of credit unions don’t charge annual fees, so people would have choices.” MarketWatch also noted that some credit unions may pass fees assessed by MasterCard and Visa to cardholders, but credit unions will not add them to balance transfers, international transactions and cash advances.
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