The Board of Governors of the Federal Reserve System (also known as The Federal Reserve) has a Website that offers a valuable, current consumer information web page. It is a user-friendly tool for anyone looking for financial information. Easy to access and navigate, the consumer information page and links of the Website offer a multitude of valuable resources. The first guide listed explains the latest information regarding credit cards: how to choose and use them responsibly, and much, much more.
Federal Reserve Consumer Information: Credit Cards
This section of the Federal Reserve Consumer Information Webpage walks consumers through the basics of owning a credit card: how to review credit card fees and terms, understanding monthly statements, how to calculate payoffs for credit cards and general information about owning credit cards. It also includes the new credit card rules enacted February 22, 2010 and August 22, 2010. There are several links to give support for responsible use of credit cards. Here are two of the guides included on the Webpage; go to the links to read expanded discussion of each topic.
“5 Tips for Getting the Most from You Credit Card”
(1) Pay on Time.
(2) Stay below your credit limit.
(3) Avoid unnecessary fees.
(4) Pay more than the minimum amount.
(5) Watch for changes in terms of your account.
“5 Tips for Improving Your Credit Scores”
(1) Get copies of your credit report – then make sure (the) information is correct.
(2) Pay your bills on time.
(3) Understand how your credit score is determined.
(4) Learn the legal steps to take to improve your credit report.
(5) Beware of credit repair scams.
This section goes into great detail answering common questions and giving reliable advice for understanding and improving credit scores. It also includes links to related resources. Go here for complete information.
Other Information on the Consumer Information Credit Card Webpage
Options: Find definitions for various credit card types, including standard, premium, affinity, retail and secured. This consumer guide page also includes a link to the Federal Reserve’s list of consumer credit card agreements for any credit card company.
Interest Rates: Defines various annual percentage rates (APR) and how they are calculated.
Fees: Explains the various fees that a credit card company may charge the consumer
Lost or Stolen Cards: Explains that If your credit card is lost, stolen, or used without your authorization, you do not have to pay for any unauthorized charges greater than $50 under the Truth in Lending Act.
Billing Errors: Explains your rights and what action to take if you believe there is a billing error on your statement.
General Complaints: Provides a full guide to agency regulators and Federal Agency contacts.
Managing your Credit: Shares a guide and links to related resource topics.
Glossary: Lists definitions for credit card-related and finance terms.
Credit Protection Laws: Includes a list of consumer protection related laws, introduction to the laws definitions and links to regulators.
Federal Reserve Resources
The Federal Reserve Website is a useful resource for consumers. It is filled with a wide variety of personal finance support and education. Well worth the time to browse and bookmark. Go here for more consumer information.
Board of Federal Reserve System: Website