The Credit Card Act is credited with leveling the playing field between credit card customers and financial institutions that issue the cards. Which of the following is not provided for in the act?
A) Requires that credit card companies offer an obligatory five day grace period for late payments
B) Encourages disclosures written in plain language
C) Increases protection for students and people under 21 years of age
D) Requires a 45-day notice before existing rates are changed
E) Requires that all fees be necessary and reasonable

Question

Quizplus · Accepted Answer

The Credit Card Act actually requires that credit card companies offer an obligatory 21-day grace period for late payments, not five days.

The Credit Card Act Is Credited with Leveling the Playing