On February 22, 2010, significant provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (the “CARD” Act) went into effect.   The CARD Act, which was passed in May of 2009, promises to bring broad sweeping reform to the credit card industry's notoriously consumer-unfriendly practices.  The new rules for credit card companies will provide consumers with many new protections.  These new required practices are going into effect in waves – the first set went into effect in the summer of 2009, most sections are effective February 22, 2010 and the last set will go into effect during the summer of 2010.

If you have credit card accounts and/or plan to open credit card accounts, the best way to protect yourself is to know your rights under this newly enacted legislation. Here is a list of the key protections that are afforded to consumers under the CARD Act and the applicable regulations promulgated by the Federal Reserve Board.  The summary of the new rules are taken directly from the official website of the Federal Reserve:
www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

• increase your interest rate;
• change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
• make other significant changes to the terms of your card.

• you have a variable interest rate tied to an index; if the index goes up, the company does not have to provide notice before your rate goes up;
• your introductory rate expires and reverts to the previously disclosed "go-to" rate;
• your rate increases because you are in a workout agreement and you haven't made your payments as agreed.

• If your card has a variable interest rate tied to an index; your rate can go up whenever the index goes up.
• If there is an introductory rate, it must be in place for at least 6 months; after that your rate can revert to the "go-to" rate the company disclosed when you got the card.
• If you are more than 60 days late in paying your bill, your rate can go up.
• If you are in a workout agreement and you don't make your payments as agreed, your rate can go up.

• If you opt-in to allowing transactions that take you over your credit limit, your credit card company can impose only one fee per billing cycle. You can revoke your opt-in at any time.

• If you are under age 21 and have a card with a cosigner and want an increase in the credit limit, your cosigner must agree in writing to the increase.

• Your due date should be the same date each month (for example, your payment is always due on the 15th or always due on the last day of the month).
• The payment cut-off time cannot be earlier than 5 p.m. on the due date.
• If your payment due date is on a weekend or holiday (when the company does not process payments), you will have until the following business day to pay. (For example, if the due date is Sunday the 15th, your payment will be on time if it is received by Monday the 16th before 5 p.m.).

• If you made a purchase under a deferred interest plan (for example, "no interest if paid in full by March, 2012″), the credit card company may let you choose to apply extra amounts to the deferred interest balance before other balances. Otherwise, for two billing cycles prior to the end of the deferred interest period, the credit card company must apply your entire payment to the deferred interest-rate balance first.