How the Credit Card Act benefits you

August 20, 2014

The provisions of the new Credit Card Act (Credit Card Accountability, Responsibility and Disclosure Act) go into effect today, to ensure just and transparent practices. If you have a credit card with us, some of the most important changes that will benefit you are the following:

Changes in your account will be announced with greater anticipation – Now, any changes in your account will be notified to you 45 days before they go into effect.

Greater convenience to manage payments – Due dates for monthly payments will be the same day each month.  In addition, your payment will be due at least 25 days after the closing date of your account. You may verify your due date in Mi Banco in the Account Summary section. You can also find the date in your e-bill or in your paper account statement if you are not yet subscribed to e-statements.

Application of payments – All payments received by mail, phone or internet on or before 5:00 p.m. will be credited the same day. If you make your payment on a Saturday, Sunday or holiday, it will be credited the next business day. Payments at Banco Popular branches during regular business hours will be credited the same day.

Your new account statement is now easier to read and understand – It contains more and better information about your account.

  1. You will be able to learn how long it will take you to pay off your balance if you only make the minimum payment, and the monthly payment that will allow you to pay off your balance in 36 months.
  2. You will see transactions classified in Payments and Credits; Purchase Transactions, Cash Advances and Balance Transfers; Charges and Interests.
  3. You will see a summary of the year-to-date charges and interests.

No more retroactive rate increases – You interest, or Annual Percentage Rate (APR), on your existing balances can only be increased if you do not make the required minimum monthly payment during a period of 60 consecutive days after it is due.

Learn more about the Credit Card Act here.