New credit card rules

August 19, 2009 3:11:22 PM PDT
New credit card rules are designed to protect consumers from changing terms as well as unfair fees and penalties. Starting Thursday, August 20, banks must mail bills at least 21 days before their due dates and give at least 45 days notice before making a significant change to rates or fees.

They must also allow customers to decline new rates and pay off existing balances over time under their original terms.

These rules are just the first of a series that will go into effect as a result of the Credit Card Act of 2009.


More money-related links: