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Today marks the 2 year anniversary for the CARD Act. Many are asking if it was worth it, is it meeting its purpose and was the Obama Administration right when it called this new law a turning act for all Americans. Some analysts insist its cost the collective American consumer billions of dollars. This week, we take a look at this historical document and how its changed the entire credit card industry.

Many may recall a few years ago the controversy behind what was then a bill that would significantly change the way credit card companies went out their business.

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The Credit CARD Act of 2009 was enacted to reform how credit cards work. Dubbed the Credit Card Bill of Rights, it bans universal default rates, curbs fees, limits penalties, and much more.

On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. This new law was established to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers.  

Most aspects of the Credit CARD Act will be effective on February 22, 2010, nine months after it was signed into law. However, two provisions became effective on August 20, 2009. T

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