(ThyBlackMan.com) Have you heard about the changes in credit card rules? Well, here are some key changes you should expect from your credit card company that begin on February 22, 2010. To read more details, visit FederalReserve.gov.
When they plan to increase your rate or other fees. Your credit card company must send you a notice 45 days before they can increase your interest rate, change certain fees that apply to your account, or make other significant changes to the terms of your card. 
The company does not have to send you a 45-day advance notice if 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.
How long it will take to pay off your balance. Your monthly credit card bill will include information on how long it will take you to pay off your balance if you only make minimum payments. It will also tell you how much you would need to pay each month in order to pay off your balance in three years.
No interest rate increases for the first year. Your credit card company cannot increase your rate for the first 12 months after you open an account.
Increased rates apply only to new charges. If your credit card company does raise your interest rate after the first year, the new rate will apply only to new charges you make. If you have a balance, your old interest rate will apply to that balance.
Restrictions on over-the-limit transactions. You must tell your credit card company that you want it to allow transactions that will take you over your credit limit. Otherwise, if a transaction would take you over your limit, it may be turned down.
Caps on high-fee cards. If your credit card company requires you to pay fees (such as an annual fee or application fee), those fees cannot total more than 25 percent of the initial credit limit.
Protections for underage consumers. If you are under 21, you will need to show that you are able to make payments, or you will need a cosigner, in order to open a credit card account.
Standard payment dates and times. Your credit card company must mail or deliver your credit card bill at least 21 days before your payment is due.
Payments directed to highest interest balances first. If you make more than the minimum payment on your credit card bill, your credit card company must apply the excess amount to the balance with the highest interest rate.
No two-cycle (double-cycle) billing. Credit card companies can only impose interest charges on balances in the current billing cycle.
Written By Annie Gldzhyan
