03.29.2011 / How will the Credit CARD Act Impact Your First National Bank Credit Card. Posting by Steve Eulie, President, First National Credit Card Center
Many of you have seen in the news that President Obama signed the Credit Card Accountability, Responsibility, and Disclosure Act, otherwise known as the CARD Act, in May 2009. The legislation calls for new rules surrounding the practices and disclosures for consumer open ended lines of credit such as credit cards. The majority of the CARD Act went into effect on February 22, 2010.
You may ask yourself, “What is this new CARD Act and how does it effect me and my credit card account with First National Bank?”
No more overlimit fees.
First National will no longer charge overlimit fees if you exceed your credit limit. As always, keep your credit limit in mind when making transactions. If the transaction you are attempting to make will exceed your limit, or you have already exceeded your limit, your transaction may be declined.
Your payments will reduce your balance faster.
Any payment you make in excess of the minimum amount due will be applied to balances with the highest APRs first. Making payments in excess of the minimum requested will help you pay off your balances faster and save you money with reduced interest charges.
Fixed due dates.
Your payments will be due on the same calendar date each month, eliminating the guess work and helping you to better manage your finances. Also, you won’t be penalized if that date falls on a weekend or holiday as payments processed by the next business day will be treated as on-time.
Limited rate increases.
Going forward, any proposed rate increase will only impact transactions made after you are informed of the increase. This means that the rates on your existing balances won’t change, except for the expiration of promotional rates, changes in your variable Index or if you fail to make a payment for more than 60 days.
For more information visit federalreserve.gov.
Do you have thoughts or comments on this new legislation? If so, please chime in! We’d love to hear what you have to say.


