New credit card rules become effective

The new "Credit Card Accountability, Responsibility and Disclosure Act of 2009" (CARD), which is designed to protect consumers from unfair credit practices, generally does not take effect until February 2010. But a few provisions went into effect on August 20, 2009.

Credit card companies must now give consumers 45 days notice before changing interest rates or fees. However, they don't need to warn you of a rate increase if your payment is late by 60 or more days.

The new law will not allow credit card companies to count your payment as late unless they've sent their bill at least 21 days before it is due.

Provisions in the law which go into effect next year will restrict rate increases on existing card debt and marketing to college students.