Herea are some provisions that take effect in February 2010

  • Must give 45 days notice before raising interest rates.
  • Must apply payments to the highest interest rate balance first.
  • Minors (i.e., under 21) must have a cosigner or prove they have sufficient income/assets.  Credit limit cannot be increased without cosigner approval.
  • Consumers will need to “opt in” to charge above their credit limit (e.g., with associated fee).
  • Existing balance will not be subject to “universal default.”
  • Payment must be over 60 days late before the interest rate can be raised on balances; if the rate is raised, it must go back to the lower rate if minimum payments are made on time for six months in a row.
  • Closure or cancellation of an account will not constitute a default and will not force repayment faster than proscribed limits
  • Promotional interest rates must last for at least 6 months.
  • Elimination of double cycle billing (yeah!!!)
  • Must mail statements 21 days before due date.
  • Prepaid/store/gift cards cannot charge a inactivity charge until there has bee no activity for 12 months.

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