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Which federal legislation prohibits credit card companies from raising rates on existing balances?

A. The Credit Card Accountability Responsibility and Disclosure Act

B. The Fair Credit Reporting Act

C. The Fair Debt Collection Practices Act

D.The Truth in Lending Act

Sagot :

Answer:

A. The Credit Car Accountability Responsibility and Disclosure Act

Explanation:

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Federal legislation prohibits credit card companies from raising rates on existing balances is The Credit Card Accountability Responsibility and Disclosure Act. Thus the correct answer is A.

What is the objective of the credit card act?

The CARD Act of 2009 aims to stop credit card issuers from engaging in unfair and unethical activities. According to the CARD Act, all credit card issuers must use language that is clear and accessible.

The Credit Card Accountability Responsibility and Disclosure Act prohibits credit card companies from raising rates on existing balances.

Therefore, option A is appropriate.

Learn more about the Credit card Act, here:

https://brainly.com/question/11658297

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