In further edited excerpts from the original article* Gladwyn Riggs (www.realestateproarticles.com) goes on to say:

Change #1: Interest Rates
Credit Card Companies are no longer allowed to change the rates for the first year unless it is a promotional rate and even promotional rates must be valid for six months. After that, if they want to increase, they have to give you a 45 days notice in advance. Any rate increases will apply to future balances and not existing balances.

Effect:
It is now going to be much more difficult to get credit cards since they are going to take a good look at your payment history and whether you have the payment capacity to be able to pay them or not.

Change #2: Due Date
Your payment is now due for payment on the same day every month.

Effect:
You will no longer be caught unawares of a change in the due date for payment on your credit cards.

Change #3: Over the Limit Fees
Such penalties can now only be charged once per month at the maximum.

Effect:
Now you will have to opt in for over the limit fee for being charged on it otherwise your transaction will be declined.

Change #4: Finance Charges
Finance charges will be based on when you make the purchase.

Effect:
If the rate percentage was 12% during your purchase, then that will be the one over the life of your balance. Such a provision is great in a rising interest rate environment but not so in a declining one.

*http://www.realestateproarticles.com/rss.php?rss=284

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