Under the new law, card issuers must:
• Provide at least 45 days notice to most customers before making significant changes to their card, such as hiking the rate or fees.
• Inform customers on their monthly bill how long it will take to pay off their balance if they make only minimum payments.
• Mail a monthly bill at least 21 days before payment is due and not use holidays and weekends as an opportunity to levy late fees.
• Apply payments to the highest-interest balances first.
• And the law prohibits card issuers from:
• In most cases, increasing the card's interest rate in the first year of the account.
• In most cases, applying any increase in rates to old charges.
• Charging an over-the-limit fee unless the customer affirmatively authorizes over-the-limit charges.
• Issuing cards to consumers under 21 years of age unless they show they have the ability to make payments or get a co-signer.
• Using double-cycle billing where interest charges are imposed on purchases that have already been paid off.
