Unformatted text preview: 3) Disclosure by the card companies works like this. You apply for a card and sign an application. When you receive the card, by signing the card and/or using it you agree to the terms that are included in the mailing of every credit card (those pamphlets with the tiny print). The use of the card is the tacit agreement of the consumer to the terms included with the card, whether or not the customer read them. 4) Banks spend considerable money on lobbying Congress for rules favorable to them. However, over the past year with the passage of the new credit card rules going into effect in 2010 which prohibit banks from increasing interest with no reason or notice, prevent cancellation of cards without notice or cause and place many other controls on the bank, it appears that their influence as decreased....
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This note was uploaded on 10/28/2011 for the course BUSINESS ACCT 305 taught by Professor Poletti during the Spring '09 term at DeVry Columbus North.
- Spring '09