Credit Card Bill of Rights

Question 1

What are the 5 circumstances an interest rate on a credit card can change?

Answer 1

1. Becoming 60-days delinquent
2. After 12 months of account opening with 45 days’ notice
3. Interest rate is tied to a variable index
4. Introductory rate concludes
5. Not following terms of debt management agreement

Question 2

When can you request your interest rate to be lowered after it was raised due to delinquency?

Answer 2

You can request a reduction after making 6 consecutive payments on-time

This request must be evaluated within 45 days

Question 3

You cannot be subject to fees (excluding penalty fees) totaling more than ____ % of your credit card’s initial limit during the first year your account is open?

Answer 3

25%

This cap does not apply to fees assessed before an account is opened

Question 4

You cannot be charged a penalty fee in excess of $___ unless one of your last ___ payments was late (in which case a fee of up to $___ may apply)?

Answer 4

$29
6 payments
$40

Question 5

A late fee cannot exceed your ____ payment?

Answer 5

Minimum payment

Question 6

You cannot be charged with an over-limit fee that is more than the ____ by which you exceeded the limit?

Answer 6

Amount

Question 7

You cannot be charged more than ___ fee for any single event or transaction that warrants a penalty?

Answer 7

One

Question 8

You cannot be assessed fees for account ____?

Answer 8

Inactivity

Question 9

You are liable for, at most, $____ if your card is lost or stolen?

Answer 9

$50

Question 10

Credit card companies must disclose a card’s ____ in writing?

Answer 10

Terms

1. APR
2. Annual fee
3. Interest-free periods

Question 11

Credit card companies must provide at least ____ days’ notice before changing your account’s fee structure or interest rate and prior to making other significant changes to your terms?

Answer 11

45

Question 12

What circumstances does a credit card company not have to notify you in writing?

Answer 12

1. Variable interest rate changes
2. Introductory rate concludes
3. Regular rate begins
4. rate increases due to not following terms of debt management agreement

Question 13

Your credit card company must explain the reasoning behind any ____ ?

Answer 13

Interest rate increases

Question 14

Credit card companies must denote clearly on your bill how long it will take to pay off your balance when ____ and how much you would have to pay monthly in order to be at a zero balance within ____ years?

Answer 14

Minimum payment

3 years

Question 15

Lenders must use ____ to calculate the cost of credit and must ____ this cost?

Answer 15

Uniform methods

Disclose

Question 16

You have the right to dispute payments within ____ days of the date on the account statement that included the initial potential error.

Your credit card company must acknowledge the dispute within ____ days and either correct the mistake or send a letter explaining why there was no error within ____ days.

Answer 16

60 days
30 days
90 days

Question 17

You must ______ to allow purchases that exceed your credit limit?

Answer 17

Expressly agree

Question 18

The amount of your payment above the minimum payment must be applied to the balance with the ____ interest rate?

Answer 18

Highest

Question 19

The minimum payment amount is applied to the balance with the ____ interest rate?

Answer 19

Lowest

Question 20

If you made a purchase with a ____ interest rate you may be given the choice of applying your monthly payments to this balance before the interest kicks in?

Answer 20

Deferred

If not given the option, the payments for the two billing periods prior to the end of the no-interest period will be applied to this balance.

Question 21

Your credit card company must mail your bill at least ____ days before it is due?

Answer 21

21

Question 22

Payment cannot be required to be placed prior to ___ p.m.

Answer 22

5 p.m.

Question 23

If your payment date falls on a ____, you have until the ____ following the holiday to make payment?

Answer 23

Holiday

Day following the holiday

Question 24

Mistakes on your bill must be ____ and may not ____ your credit score?

Answer 24

Corrected

Damage

Question 25

If you are under ___ years old, you must exhibit ____ ability or have a ____ in order to open a credit card?

Answer 25

21 years old Payment ability Co-signer

Question 26

Credit card companies must _______ before issuing you a credit card?

Answer 26

Evaluate your income

Question 27

You may not be discriminated upon based on the following 6 reasons?

Answer 27

1. Sex 2. Race 3. Religion 4. Marital Status 5. Age 6. National Origin

Question 28

You cannot be discriminated against because you receive _______?

Answer 28

Public Assistance

Question 29

You cannot be issued an ______ credit card?

Answer 29

Unsolicited

Question 29

Debt collectors must _____ themselves in every communication?

Answer 29

Identify

Question 30

Debt collectors must apprise you of your right to ____ your debt?

Answer 30

Dispute

Question 31

Debt collectors must provide ______ for the creditor from whom the debt originates within ____ days of receiving a request for such information?

Answer 31

Contact information | 30 days

Question 32

Debt collectors must mail you ____ of your debt or stop the collections process within _____ days of receiving a dispute or request for debt verification?

Answer 32

Verification of your debt | 30 Days

Question 33

Debt collectors may only call you between ____ a.m. and ____ p.m.

Answer 33

8 a.m. | 9 p.m.

Question 34

Debt collectors may not use the telephone to intentionally _______ you?

Answer 34

Annoy or harass

Question 35

Debt collectors may not attempt to contact you at ____ if your _____ has forbidden the practice?

Answer 35

Work | Employer

Question 36

Debt collectors may not use ______ language?

Answer 36

Abusive or profane

Question 37

Debt collectors may not ____ you after you have requested in writing that they not do so?

Answer 37

Contact Commu expressing the conclusion of collections efforts, or the filing of a lawsuit are permitted.

Question 38

Debt collectors may not contact you if you have made it known that you are represented by an _____?

Answer 38

Attorney

Question 39

Det collectors may not _____ themselves or the _____ of your debt?

Answer 39

Misrepresent | Extent

Question 40

Debt collectors may not publish your ____ or ____?

Answer 40

Name | Address

Question 41

Debt collectors may not threaten _____ if it is not actually being contemplated?

Answer 41

Legal Action

Question 42

Debt collectors may not share information about your debt with ____, excluding ____ and ____?

Answer 42

Third-parties Attorneys Your Spouse

Question 43

Debt collectors may not send you mail with any _____ or _____ indicating that you are in debt collections?

Answer 43

Symbols | Writing

Question 44

Debt collectors cannot relay or threaten to relay _____ to credit reporting agencies?

Answer 44

False information

Question 45

You have the right to ____ debt collectors in state or federal court?

Answer 45

Sue

Question 46

Consumers have the right to _____ of their credit reports from the ____ major credit reporting agencies every ____ months?

Answer 46

Free Copies Three 12 Months

Question 47

Negative information must be removed from your credit reports within ___ - ___ years?

Answer 47

7 to 10 years

Question 48

If the information on a credit report leads to _____ action against a consumer, the organization that used the information must notify the consumer of this fact and identify the source of the information?

Answer 48

adverse (negative)

Question 49

List the limitations for credit card fees?

Answer 49

You cannot be subject to fees (excluding penalty fees) totaling more than 25% of your credit card's initial limit during the first year your account is open. This cap does not apply to fees assessed before the account was opened. You cannot be charged a penalty fee in excess of $29 unless one of your last 6 payments was late (in which case a fee of up to $40 may apply). A late fee cannot exceed your minimum payment amount. You cannot be charged with an over-limit fee that is more than the amount by which you exceeded the limit. You cannot be charged more than one fee for any single event or transaction that warrants a penalty. You cannot be assessed fees for account inactivity. You are liable for, at most, $50 if your card is lost or stolen.