New credit card rules - - The News for South Mississippi

New credit card rules

WASHINGTON, D.C. - New credit card rules go into effect February 22, 2010. The Federal Reserve is enacting these rules to increase protection for consumers.

Among the new rules, a credit card company must send you a 45 days notice when they plan to increase your interest rate, change certain fees, or make other significant changes to the terms of the card.

The new rules also prevent credit applications from blanketing college campuses.

Also, as part of the regulations banks must now make statements easy to read and under stand.

A complete list of what you need to know about the new rules is on the Federal Reserve's website.

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