New credit card rules offer some protection

However, they do not limit interest or charges.

New rules took effect February 22nd, and more are coming in August.  They limit the ability of credit card issuers to raise interest rates on existing balances and restrict those awful “over-limit” fees.

In addition, they have to send out bills at least 21 days in advance of the due date.  They have to give you 45 days notice before they can increase your interest on new charges.  They cannot bill you for interest when you pay the whole balance.  And there are many other provisions.

There is a long list of changes in our main archive article New Credit Card Rules 2010.  It’s worth reading over, but it does not make it unnecessary for you to pay careful attention to the fine print in your credit card agreement.  They can still get you!

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