You may have been hearing about new credit card rules taking effect. We outlined them in May when the bill was in the process of being passed, but here’s a list of some new requirements (courtesy Federal Reserve):

• No interest rate increases in the first year.
• No increase in interest rates on your existing balance, except under certain circumstances.
• No over-the-limit fees unless you choose this service.
• Payments over the minimum must be directed to the highest-rate balance first.
• 45 days’ notice required before an increase in interest rates or new fees.
• Credit card bills must be mailed or delivered at least 21 days before the payment is due.
• New restrictions on credit card accounts for consumers younger than 21.

Learn More:

• Associated Press Video: New Credit Card Rules
• USA Today: Make the Most of New Rules

Related...

• May 26, 2009 -- New Credit Card Rules
• February 12, 2009 -- What is Your Credit Score
• December 20, 2008 -- A Time to Refinance??