New York Residents Now Get Grace Period After Credit Cards Are Closed

New York Governor's Office: "Pursuant to the new law, credit card issuers have 45 days to provide notice to cardholders when any existing credit card account or rewards program is cancelled or closed or modified in a way that is less favorable to the consumer. This includes any change that eliminates or reduces the value of a consumer’s points, makes it harder to accumulate points, limits rewards availability, or otherwise diminishes the value of the rewards program. From the day the credit card issuer sends this notice, consumers have 90 days to redeem their accrued points or rewards in accordance with the program’s original terms and conditions. While consumers often cash in their rewards before closing their accounts, the law requires a grace period after any account is closed."