One of the new requirements is to increase the minimum payment amount so that at least a portion of that payment goes toward the principal. This ensures that the debt amortizes.

Prior to this directive, the industry standard was a minimum payment amount of only 2 percent of the outstanding balance. Given that payment, with a common interest rate of 26.99 percent, it could take as long as 30 years to pay off a balance depending on the usage of the credit card.

If you cannot afford the increase, you should contact your bank directly to discuss a payment plan.

Some banks have grace periods and you would need to review your Account Agreement to determine the specific circumstances of your account. Contact the bank directly and discuss this with them, as they will be familiar with your specific circumstances.

It’s a good idea to follow up each phone call with a letter. Include the following information:

• Your account number
• When you noticed your card was missing
• The date you first reported the loss

Be sure to send the letter to the address provided for billing errors. Do not send it with a payment—or to the address where you send your payments—unless directed to do so.

If you report the loss before your credit cards are used, the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges is $50 per card.

Also, if the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use.

After the loss, review your billing statements carefully. If they show any unauthorized charges, it’s best to write a letter to the card issuer describing each questionable charge. Again, tell the card issuer the information noted in the three bullets above. Be sure to send the letter to the address provided for billing errors.

You should review your Account Agreement, which is the contract governing your account, or any subsequent notifications regarding your account. These will provide information on where your bank is headquartered and any other change that may occur.

However, the 15-day timing requirement does not apply if:

1. The consumer has agreed to the change.

2. The change is due to a consumer’s delinquency (late payment) or default (going over the limit).

In both these instances, the bank must provide some notice prior to the effective date of the change, but there is no 15-day rule. Be sure to review your Account Agreement, which is the contract governing your credit card account. It provides information on changes that may occur to an account.

The maximum interest rate that may be charged is controlled by State law—in the State where the banks’ headquarters are located. Moreover, national banks can export the interest rates of the respective State to any other State where the consumer resides.

For credit card accounts, the applicable State is named in your Account Agreement.

Credit cards for business purposes can’t be issued on an unsolicited basis. Also, if the card is lost or stolen, the cardholder must not be held liable for more than $50 for the unauthorized use of the card.

File your dispute within 60 days of the date you should have received your statement. If you are waiting for your statements to arrive before making your payments, then you could be incurring late fees or interest charges.

On the other hand, if you have a closed-end loan (e.g., a car loan or mortgage), the term fixed means that the periodic rate remains the same for the life of the loan.

With an open-end account, the 15-day timing requirement does not apply if:

1. the consumer has agreed to the change
2. The change is due to a consumer’s delinquency (late payment) or default (going over the limit).

In both these instances, the bank must provide some notice prior to the effective date of the change, but there is no 15-day rule. Be sure to review your Account Agreement, which is the contract governing your credit card account. It provides information on changes that may occur to an account.

Instructions on how to activate the card will be enclosed. If you don’t see them, call your credit card company.

Some credit card companies may monitor an account for unusual activity and notify you. However, the bank is not required to do so.

If you followed the payment requirements and you were still charged a late payment fee, you can dispute the charge with the bank. Notify your bank in writing using the billing error instructions, which should be on the back of the periodic credit card statement.

Be sure to use the address specified after “Send Billing Inquiries to:” on the back of the statement. This is usually not the same address where you send your payment.

1. Your payment is late.

2. Your payment is for less than the minimum amount due.

For more information, please review your Account Agreement or contact your credit card company’s customer service department for an explanation.

You should also review the Account Agreement you received when you opened the account or contact the lender for an explanation.

1. All fees should be determined on a competitive basis within the market.

2. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking principles.

3. These fees are set by the bank and, in some instances, are prescribed by State law.

National banks are required to disclose any fees associated with their accounts when the account is set up. Therefore, you may want to review your agreement with the bank. (If your question is about a credit card, please review your Account Agreement.)

If the bank determines that no billing error occurred, it shall mail or deliver to you an explanation with the reasons why the error you believe occurred is incorrect.