Pennsylvania Notice of Changes to Credit Card Agreement
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How to fill out Notice Of Changes To Credit Card Agreement?
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FAQ
When they plan to increase your rate or other fees. Your credit card company must send you a notice 45 days before they can increase your interest rate; change certain fees (such as annual fees, cash advance fees, and late fees) that ap- ply to your account; or make other significant changes to the terms of your card.
If you're wondering if it is legal to charge credit card fees, the short answer is yes.
Currently, there's no federal prohibition on credit card surcharges, but there are rules for surcharging that you'll have to follow in most states.
The CARD Act requires card issuers to provide written notice to consumers at least 45 days before the effective date of an increase in an annual percentage rate (APR) or any other "significant change."8 This requirement addresses the concern that some issuers were increasing APRs or adversely changing other account ...
Ten states prohibit credit card surcharges and convenience fees: California. Colorado. Connecticut.
The surcharges are prohibited in ten states, but they are permitted here in Pennsylvania. That said, to comply with Pennsylvania strict Consumer Protection Statute, retailers must clearly and explicitly notify customers if they intend to charge them the credit card surcharge.
Generally, the notice must be provided to you at least 45 days before the change takes effect. There are some exceptions: If you agreed to a particular change, the bank must still provide you with a written notice, but it does not have to be provided before the change takes effect.
This practice is legal in all but four states ? Connecticut, Maine, Massachusetts and Oklahoma ? additionally, Colorado caps the surcharge fee at 2%. It is also important to note that surcharging is not allowed for debit cards, even when they are run as a credit transaction.