How to use credit to secure repeat business

Plus, what you need to know about the Credit CARD Act

By: Mike Manges

Major changes looming -- Make sure you’re up to speed on Credit CARD Act

The Credit CARD (Card, Accountability, Responsibility and Disclosure) Act will alter many aspects about how credit is offered to consumers when it goes into effect this month. Among other things, the law will demand:

• Clear disclosure of annual percentage rates.

• Disclosure of additional promotional information (in writing) specific to each customer prior to that person making a promotional purchase.

• Customers younger than 21 must apply using a channel that captures their signature on the terms of the account.

• New, additional headline disclosure content must be in immediate proximity to the first reference of promotions in printed and electronic advertising materials, excluding radio and TV.

All shop signage must also be in compliance. For example, after Feb. 22, you cannot advertise obsolete terms like “90-days-same-as-cash.” For more information, including answers to frequently asked questions, see www.gemoney.com/en/business/2010FAQ2.html.

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Related Topics: Credit, Credit CARD Act, GE Money

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