Two provisions became effective on 8/19/09 -
a. They must alert you 45 days prior to any change. So - read all those notices that are with your bill - don't just throw them away! If they are raising your interest rate and you have good credit, plead your case for a lower rate prior to the change. If they won't reduce your rate, move your business elsewhere.
b. Card holders now have 21 days to make payments rather than 14.
More significant changes will go into effect on 2/22/10
a. Credit card issuers will not be able to change your credit status at anytime, for any reason
b. Consumers under the age of 21 will need a co-signer or a job
c. Credit card companies will no longer be allowed to let card holders exceed their limit without having the card holder's permission.
d. If your credit card provider charges late fees, they must clearly disclose them on your monthly statement
e. Creditors will be required to have a copy of your credit agreement available for you on a website.