Along with the other Federal banking regulators, the OCC issued guidance in January 2003 that required changes in credit card lending and account management practices. The guidance applies to all financial institutions that issue credit cards.

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Whether a payment is late is determined by the wording in your Account Agreement. If you always insure your payment is received prior to the due date included on your statement, your payment will not be considered late.

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It is critical that you report the loss or theft of your credit cards to the card issuers as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. Credit card issuers often place instructions for lost or stolen cards on your monthly statement. Follow these instructions…

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Generally, national banks do not have to lower interest rates due to timely payments unless your Account Agreement calls for such an adjustment. As the contract governing your credit card account, the Account Agreement provides information on changes that may occur to the account. If you have a question about this, please contact your bank.

This may be legal because the maximum interest rate is determined by State law—in the State where the national bank has its headquarters.

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