According to Washington Post, Bank of America is sending cardholders letters detailing their credit card terms. The letter will explain some of the most costly aspects of the credit card like the interest rates and fees. Not all aspects of the credit card agreements are included in the letter.
This letter is not a requirement from the Federal government. Bank of America is doing it on their own. Your other credit card issuers may not follow suit. If you're curious about your credit card terms on your non-BoA credit card, you check out your credit card agreement. (Unfortunately, credit card agreements are sometimes difficult to understand and may not make your credit card terms any clearer.) A recent copy of your billing statement will also contain some (but not all) information about your credit card terms.
Starting next February, all credit card issuers will be required to disclose important information in your monthly billing statement. When the Credit CARD Act goes into effect, billing statements must include detailed warnings of making minimum only payments and late payment penalties.
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Banks are just like other merchants, they need our money, and will do almost anything imaginable to get more of it, including trickery and incomplete information. Let the consumers beware.
John DeFlumeri Jr