Posts tagged: credit card

Implications of the CARD Act for TransPromo

Matt Swain
 Feb 22, 2010

Today, the major provisions of the Credit Card Accountability, Responsibility, and Disclosure Act (the CARD Act) takes effect in the United States. The ultimate goal of this law is transparency and clarity in terms and conditions. The likely result will be sweeping changes to how credit card issuers approach their marketing, advertising, and billing. What does this all mean for TransPromo? One long-standing hurdle to the implementation of TransPromo is the headache of document (and data) redesign. Credit card issuers were given a government-mandated opportunity to open up that data and begin a redesign process–however basic it may end up being. That said, multiple vendors and service providers have leapt at the opportunity. The general feeling from many of the companies these vendors are working with is that if they are going through a redesign anyway, what else can they do?

Some of this activity was already put into motion while ramping up for the Truth in Lending Act (Regulation Z), which took full effect on October 1, 2009. Similar to the CARD Act, the relevant portion of this law related to content and formatting changes that credit card billers needed to put in place. CreditCards.com has an interesting timeline that shows when various credit card legislation takes effect. Our expectation is that 2010 will reveal significant headway made for TransPromo in the credit card industry in the United States.

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