In compliance with the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, effective February 22, 2010 members using their Progressions Visa credit cards will no longer be approved for authorizations (charges) that will exceed their credit card limit, unless they choose to “Opt In” to the Over Limit Program.  A notice and “Opt-In” agreement option was sent to all Progressions Visa Credit Card account holders (whether they had a balance or not) on the statement that printed January 22, 2010.  Cardholders may also give verbal “Opt-In” agreement.

The CARD Act of 2009 states that card issuers must solicit a cardholder’s agreement to participate in an over limit program.  Once the cardholder has opted in, the account is then subject to the over limit tolerance parameter (ours is 5%) and subject to any associated over limit fees (ours is $35.00) if their account meets the fee conditions.