<sod>The act was not expected to affect existing credit card contracts.<ref>{{cite web|url=http://www.publicbroadcasting.net/krwg/news/news.newsmain?action=article&ARTICLE_ID=1504604&sectionID=1|title=Bingaman backs Credit Card Reform|date=May 11, 2009|publisher=KRWG|accessdate=October 19, 2009}}</ref> However, the act that was passed applies to contracts made in the past by setting an effective date of February 22, 2010, which gave banks time to prepare and notify their customers. The [[United States Consumer Financial Protection Bureau|Consumer Financial Protection Bureau]] in its October 2013 report on the CARD Act found that between  the first quarter of 2009 and December 2013,  credit card interest rates increased on average from 16.2%  to 18.5%,  while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the average cycle-ending balance, decreased by two hundred basis points.<ref>{{cite web|url=http://files.consumerfinance.gov/f/201309_cfpb_card-act-report.pdf|title=CARD Act Report|date=October 1, 2013|accessdate=April 30, 2014}}</ref> The CFPB made no judgment on the extent to which the CARD Act contributed to these increases and decreases. However, interest rates on other types of consumer credit increased. The CFPB in its study also found that consumers paid less in late payment and over-the-limit fees since passage of the CARD Act. In contrast, studies by [[CardHub.com]]<ref name="Card Act Study">{{cite web|url=http://education.cardhub.com/interest-rate-study-q1-2011/|title=Study: The CARD Act's Impact on Rising Interest Rates|publisher=CardHub.com|accessdate=June 23, 2011}}</ref> and the [[Center for Responsible Lending]]<ref name="Responsible Lending">{{cite web|url=http://www.responsiblelending.org/credit-cards/research-analysis/FinalCRL-CARD-Clarity-Report2-16-11.pdf|title=Credit Card Clarity: CARD Act Reform Works|publisher=Center for Responsible Lending|accessdate=June 1, 2011}}</ref> argued that interest rate trends were the result of economic pressures typical of a recession and not the law.  According to these studies, historical economic data shows that the interest rate increase and decline in available credit seen during the Great Recession should have been worse considering the widespread unemployment, credit card delinquency and credit card charge-offs.<ref name="Card Act Study" /><ref name="Responsible Lending" /><eod>
<sod>The act was not expected to affect existing credit card contracts.<ref>{{cite web|url=http://www.publicbroadcasting.net/krwg/news/news.newsmain?action=article&ARTICLE_ID=1504604&sectionID=1|title=Bingaman backs Credit Card Reform|date=May 11, 2009|publisher=KRWG|accessdate=October 19, 2009}}</ref> However, the act that was passed applies to contracts made in the past by setting an effective date of February 22, 2010, which gave banks time to prepare and notify their customers. The [[United States Consumer Financial Protection Bureau|Consumer Financial Protection Bureau]] in its October 2013 report on the CARD Act found that between  the first quarter of 2009 and December 2013,  credit card interest rates increased on average from 16.2%  to 18.5%,  while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the average cycle-ending balance, decreased by two hundred basis points (2.00%).<ref>{{cite web|url=http://files.consumerfinance.gov/f/201309_cfpb_card-act-report.pdf|title=CARD Act Report|date=October 1, 2013|accessdate=April 30, 2014}}</ref> The CFPB made no judgment on the extent to which the CARD Act contributed to these increases and decreases. However, interest rates on other types of consumer credit increased. The CFPB in its study also found that consumers paid less in late payment and over-the-limit fees since passage of the CARD Act. In contrast, studies by [[CardHub.com]]<ref name="Card Act Study">{{cite web|url=http://education.cardhub.com/interest-rate-study-q1-2011/|title=Study: The CARD Act's Impact on Rising Interest Rates|publisher=CardHub.com|accessdate=June 23, 2011}}</ref> and the [[Center for Responsible Lending]]<ref name="Responsible Lending">{{cite web|url=http://www.responsiblelending.org/credit-cards/research-analysis/FinalCRL-CARD-Clarity-Report2-16-11.pdf|title=Credit Card Clarity: CARD Act Reform Works|publisher=Center for Responsible Lending|accessdate=June 1, 2011}}</ref> argued that interest rate trends were the result of economic pressures typical of a recession and not the law.  According to these studies, historical economic data shows that the interest rate increase and decline in available credit seen during the Great Recession should have been worse considering the widespread unemployment, credit card delinquency and credit card charge-offs.<ref name="Card Act Study" /><ref name="Responsible Lending" /><eod>