The credit card companies are sending many disclosures to people who have their credit cards.
The letters or disclosures often start with “certain terms of your card holder agreement (“Agreement”) governing the credit card account (“Account”) have changed. Usually the credit card company will summarize the changes in Part I below, unless they previously notified you of a particular change and it already applies to your Account.
Based on the new credit card laws you do have a certain amount of time to “reject” the changes to your account. If you reject these changes often the credit card company will close your account. The ability to negotiate as an individual has not been tested yet. If you reject these changes you often must notify the credit card company in writing.
The credit card company will often give you an amended agreement for your records. The agreements are usually in small font and are hard to understand. The good news is that if you actually read the agreement most of the other credit card companies agreements are similar. At www.Debthelper.com if you are a client the credit counselors will review the agreement with you to make sure that you understand what it is saying. These agreements often show the following:
- The interest calculation formula. Including alternate calculations for late payments.
- Periodic Finance Charges.
- Periodic Rates Calculation including the sources used to calculate the rate.
- Minimum payment calculations.
- Late payment calculations.
The right to limit cell phone contacts is a new area in many card holder agreements (Agreements) that the www.Debthelper.com credit counselors have recently reviewed. The language used in this section sounds like this:
Below is an example of the disclosure language used by GE Money Bank:
Right to Limit Cell Phone Contacts. If you do not want to be contacted on your cell phone as stated in Part I,.F above you may call us at 866-923-2612 at any time. If you keep your Account open after the Effective Date we will consider that you agree to being contacted by cell phone unless and until you call us. If you previously called us to exercise your right to limit cell phone contacts, you do not need to call again.
It is important that you contact your credit card company if you do not wish to be contacted on your cell phone.
Understanding Your Rights Under the Telephone Consumer Protection Act (TCPA)
The Telephone Consumer Protection Act (TCPA) is a federal law designed to protect consumers from unwanted and intrusive phone calls and text messages. Under TCPA:
Credit card companies must obtain your prior consent before calling or texting your mobile phone.
You have the right to revoke that consent at any time.
Companies cannot use automated dialing systems or prerecorded messages without your permission.
You can request to be placed on their “Do Not Call” list.
What About Debt Collection Calls?
While credit card companies must respect your communication preferences for marketing, debt collection calls may still happen under specific regulations. The Fair Debt Collection Practices Act (FDCPA) regulates how often and when collectors can contact you. You can also request in writing that they stop calling you, although this might prompt legal action from the creditor.
Why Credit Card Companies Contact You
Payment Reminders: To notify you about upcoming or missed payments.
Promotions: Offering new products or services.
Fraud Alerts: Informing you of suspicious activity.
Debt Collection: Recovering overdue balances.
Understanding the purpose of these calls helps you decide what communications are essential and which you want to limit.
Final Thoughts
You have the right to control how and when your credit card company contacts you on your cell phone. By knowing your rights under laws like the TCPA and FDCPA, you can take effective action to reduce unwanted calls and texts. Always communicate your preferences clearly and keep a record of your requests for future reference.
Remember, limiting unwanted communication not only protects your privacy but also helps reduce stress and interruptions in your daily life.
