DUBUQUE, Iowa (6/10/09)--Two Dubuque, Iowa, credit unions are offering tips on how to deal with new credit card legislation signed into law by President Barack Obama. While Dupaco Community CU officials are still examining all the new rules, Matt Dodds, senior vice president for consumer lending, said he’s confident the law won’t result in any significant changes at his credit union (Telegraph Herald
June 8). “Certainly not at Dupaco,” he told the newspaper. “But one thing you’re going to see change is more fees, bigger annual fees, [and] taking away benefits like frequent-flier programs.” Consumers need to pay attention to how they use their cards, Dodds added. To deal with the new legislation, Dodds said consumers should:
* Look for a card with a lower interest rate if a balance is carried over from month-to-month; and * Select a card with no annual fee and a longer grace period if expected to pay monthly bills in full and are not concerned about other features such as frequent-flier miles.
Jason Norton, senior vice president of marketing and business development at DuTrac Community CU, told the paper his credit union has received numerous calls from members about the legislation. He recommends that consumers:
* Read the fine print regarding any changes to or disclosures for a credit card account and don't hesitate to contact the credit card issuer or local financial institution with questions; * Question any unexplained finance charges or fees on a statement; and * Shop around for lower rates, and cards with fewer or reduced fees.