American Express, Discover Educate on Credit Card Reform

Gallery.creditcard3On the day landmark credit card laws took effect and made headlines worldwide, American Express and Discover released statements seeking to educate customers with online guides on the reform.
Most other major credit card issuers did not release statements on the most sweeping credit card legislation in years – the first to generally ban retroactive interest rate increases and restrict certain fees.
Chase, the top credit card issuer, has been addressing credit card reform requirements and its own policy changes to customers in modified card agreements for weeks.
American Express, the most used credit card for purchases, partnered with Consumer Action to put out the latest in its series –  “Credit Cards: What You Need to Know” – to help consumers understand the Credit CARD Act.
“We’ve always strived to treat our Card members fairly and with respect. In fact, many of the new reforms don’t affect how we do business—we believe this highlights the straightforward way we’ve done business since launching the first charge card more than 50 years ago,” American Express stated on its reform-assistance website: http://www.americanexpress.com/consumerresources.
“As consumers are making choices about credit cards, they need to know their rights and have them presented in a clear and concise way,” said Ralph Andretta, executive vice president and general manager, Consumer Services group, American Express.
Discover announced the launch of “Straight Talk,” an online video and series of articles to help consumers “more easily understand how credit cards work,” including the new credit card laws.
“Over the years, we’ve listened to our card members and know that they want ‘straight talk’ from their credit card company and our goal is to provide that to them,” said Carlos Minetti, executive vice president of Card member Services and Consumer Banking at Discover. “These online resources will help them better understand credit, while empowering them to achieve brighter financial futures.”
The “Straight Talk” video and articles can be found here: http://www.discoverfinancial.com/financialeducation/straighttalk.shtml

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