When can consumers begin to use their opt-out rights for credit card changes?
A. Any notices of changes in terms received on or after Aug. 20, 2009, must contain information about consumers’ new right to opt out of (or right to cancel) increases in interest rates, fees, finance charges and certain other changes in credit card agreements. This notice must be mailed or delivered to cardholders at least 45 days before the change takes effect. It must disclose the deadline for responding if consumers choose to opt out of changes, a toll-free telephone number to call or information about where to write to opt out and the date that the new changes will take effect if they do not opt out. Opting out means the consumer can no longer make purchases with the card. Instead, the old, lower interest ratewill be applied while the cardholder repays the balance. There are three methods for repaying balances on accounts that have been closed by consumers choosing to reject changes. Issuers can either: • Collect the balance over at least five years. • Charge a minimum payment amo
