Most of the people keep dual feelings about their credit card companies. On the one hand they like them for what these companies did for them. Companies solved all the financial problems of these people and took their problems as if those were the problems of the creditors. On the other hand they have some bad feeling for them because these companies charge these debtors extra interest rates. These companies charge them penalties and hidden charges. Any one will be shocked on seeing his credit card amount doubled without any reason or rhyme. They do not have to worry any more because there are now credit card transparencies. These transparency rules tell the debtors; Legal and fair transactions of their credit card companies and financial institutions.
All credit card holders should be aware of new laws which have been recently introduced and implemented in the industry. These laws also tell us about the changes which will be taken about by these laws enforcement. The law prohibits all companies to increase interest rates without informing the card consumers before 45 days. It will give the card holders time to curtail their expenses or keep them in limits for avoiding debt burdens. You should be aware of that if you are paying your amount to the companies without any delay or stoppage for past six months then the companies will not be allowed at any circumstances to raise your interest rate. If any credit card holder is paying his bills by phone, e-mail or online then all of these ways are acceptable and companies will also not be permitted to charge any penalty or fee against them. The companies are bound to send you notice and give you 45 days time for making any changes in your fees, late fees, penalties and any other changes that will directly relate to you and will affect you. You are absolutely free whether to take these changes or reject them at once.
The entire above things are very necessary to be known to the credit card holder because these things enable him to get transparency and keep himself away from any fraud and cheating in the industry.