Which of the following is not true about the Credit CARD Act of 2009?
A) States that teaser rates must be in effect for at least 6 months
B) Makes new disclosure statements clear and more timely
C) Requires card issuers to post their standard card agreements on the Internet
D) Allows card issuers to apply new (higher) interest rates to the existing card balances
E) Requires issuers to mail monthly statements at least 21 days before payment is due

Question

Quizplus · Accepted Answer

The Credit CARD Act of 2009 actually prohibits card issuers from applying new (higher) interest rates to existing card balances in most cases.

Which of the Following Is Not True About the Credit