How new credit card law affects you now

McLEAN, Va. (8/24/09)--Most of the significant provisions of the new credit card legislation signed into law in May by President Barack Obama don't kick in until Feb. 2010, but some new provisions kick in now (USA Today Aug. 20).

As of Aug. 20, credit card issuers must give you 45 days notice before they change your interest rate or fees. And that notice has to include a brief statement telling you about your right to cancel the account.

In addition, credit card issuers and creditors that offer other open-end credit must mail your statement 21 days before the due date, or they won't be able to count your payment as late.

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Courtesy of cuna.org