New Credit Card Rules Will save you a few Dimes

Fed regulators adopted new rules for the credit card industry that will curtail some of their most anti-consumer practices.

* No more raising rates on existing balances
* No more double-cycle billing.
* Any payment above the minimum must automatically apply to the part of the balance with the highest interest.
* Minimum time before notice of change of terms takes effect goes from 15 to 45 days.
* Borrowers need reasonable time before a payment is due, at least 21 days
* No excessive fees for exceeding credit limit because of a hold placed on the account
* Subprime credit cards that have a $500 credit limit but a big upfront fee will have that fee capped at no more than
* 50% of the credit limit, and it can be paid off over a year, rather than immediately.


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