If you have a credit card with an annual fee, according to the Fair Credit Billing Act, once you receive the monthly bill showing that fee, you are required to pay it, and it is too late to cancel the card and get the annual fee back. True or false?

Question

Zariah Hoffman

Business

7 November, 16:57

If you have a credit card with an annual fee, according to the Fair Credit Billing Act, once you receive the monthly bill showing that fee, you are required to pay it, and it is too late to cancel the card and get the annual fee back. True or false?

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Answers (1)

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Darrell Cochran · Answer 1

False

Explanation:

The Fair Credit Billing Act provides consumers protection from billing inaccuracies that might happen with a credit card account.

This is false statement as according to this act, if you get the monthly bill recording that fee and you find unofficial charges or mistakes in the date or amount of a charge, you are not bound to pay it and even you can dispute the charge to have it canceled by sending a letter to the creditor within 60 days of the first inaccurate bill you received to dispute a charge.