Credit Card Companies May Try to Pull a Fast One

Check statements until federal rules go into affect Feb. 22

Posted on Wed Jan 27, 2010
Last updated Mar 28, 2010

We're about a month away from new regulations on credit card companies, but be careful that banks don't get the best of you.

The federal government is putting the rules in place February 22.

It affects credit terms, interest rates and fees.

The following are a few rules that may affect you:

• Banks can't issue credit cards to anyone under 21, unless they have an adult co-signer.

• If you late making a payment on one card, creditors can't raise rates across the board.

• More time for bill paying.

• Banks can no longer charge interest rates retroactively if you've paid your bills.

• No more fine print that is unclear.

These changes are intended to benefit you, but you should also be aware of banks raising rates and fees ahead of the February deadline.

Also, credit card companies have warned that since it will be more difficult for them to raise rates for existing customers, those of you applying for a card may face higher interest rates and fewer low introductory offers.