BUFFALO, N.Y. — Are you worried your credit card rewards accumulated from airline miles, large purchases or other bonuses might be taken away? Well that will no longer be an issue with a new law announced in NYS.
Governor Kathy Hochul announced the release of the new 'Consumer Protection' law that officially went into effect on Sunday, December 10. The new law will protect consumers from losing their points that they have collected from their card's rewards programs.
“Protecting New Yorker's wallets is a top priority and we’re helping families save money this holiday season,” Governor Hochul said. “With this law taking effect, New Yorkers can rest assured that they won't lose the credit card rewards they’ve earned."
Credit card companies that are apart of the new law will need to provide consumers with a 90-day grace period to use any points when their rewards accounts are closed.
The law will include a 45-day notice provided to cardholders when an existing account or rewards program cancels, closes or is modified in any way.
Secretary of State, Robert Rodriguez, says that the new law comes at a perfect time with holiday shopping season upon us.
“With holiday shopping in full swing, many consumers are using their credit cards to rack up rewards under the assumption they can be redeemed at any time. But that’s not always the case. This new law will protect consumers by guaranteeing them a minimum grace period to use those rewards,” Secretary Rodriguez said.
Consumers who save up their credit card rewards typically do so for points such as airline miles, cash back rewards, and other large purchases.
You can learn more about the new credit card law here.