Consumers should be aware that credit card rules are changing. The bill passed the Senate and House by an overwhelming majority. There are both Senate and House versions.

The goal of the new bill to regulate credit cards is to protect consumers. Some say they may have unintended consequences, we’ll have to wait and see what happens after the bill takes effect.

There are several important parts to the bill that will effect you. The bill addresses retroactive rate increases, which happens when you get behind on your payments — the credit card company can raise your rate on your balance quickly. Now they will need to give you at least 30 days. The Senate bill includes a reward for good behavior — if you receive those adjusted rates for getting behind, they will lower your rates if you can pay your bill on time for 6 months.

Credit card companies will now have to give you 45 days notice if they are making changes. They will also have to send your bill at least 21 days before the due date. Also, they will put minimums on font size in bills, thus literally reducing “fine print.” It will likely be harder for students to get credit cards, as there will be more age restrictions. But perhaps this will be helpful in the long run.

This video from The New York Times business section is a good lesson on the new credit card changes that will likely be taking place.

Related...

• March 4, 2010 -- New Credit Rules Take Effect
• February 12, 2009 -- What is Your Credit Score
• December 20, 2008 -- A Time to Refinance??