New Credit Card Regulations, Your Rights
The first wave of credit card reform took place on August 20. If you’re not yet aware of the changes that were mandated to go into effect on that date, here’s what you should know:

• Credit card issuers must provide 45 days’ notice of changes to accounts. (Previously, the law required only 15, and in case of default, no notice at all.)
  
  
• Consumers must have at least 21 days from the date their statement is issued to pay the bill before late fees can be assessed.
  
  
• Consumers must be given the right—and be notified of their right—to opt-out of rate increases. This generally means that the borrower can pay off the balance owed at the old rate but cannot make new charges to the card. Once the balance is paid off, the account is canceled.
  
  
• If card holders opt-out of rate increases, the issuer may not demand payment in full nor levy monthly maintenance fees or charges as the balance is paid off.
  
  
• There are no opt-out allowances for variable-rate credit cards. There is no opt-out option for increases of the minimum amount due.

The Department of the Treasury has made available a summary of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act and the dates when its provisions must be in effect. Additional assistance is available on the Federal Reserve Consumer Help website.