Pass It On

Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009

How will the CARD Act affect my use of PSECU's Visa®?

On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 as federal legislation designed to better protect consumers from confusing, misleading and predatory practices used by many credit card companies.

Here at PSECU, we've always offered a fair and honest Visa product, so you won't see many changes that affect your usage of PSECU's Visa. However, you may notice some minor changes to the look of your monthly account statement. We've also changed how payments are applied to balances.

Statements

• Minimum Payment Warning: On your monthly statement, you will see how long it will take to pay off your balance and the total amount of interest you will pay, if you make only the minimum payment.
• You will also find the amount required to pay off the current balance in 36 months, including the total cost of principal and interest.
• Late Payment Warning: Your monthly statement will disclose the payment due date and applicable fees, if you miss the due date.
• Every statement will include a toll-free telephone number for information about credit counseling and debt management services.

Payments

• Payments will now be applied to balances in the order of highest to lowest outstanding interest rates.

With PSECU, you will continue to receive honest value and reliable service in exchange for your use of our card products and services.