Rules for implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 are slowing being written and released. Here are some of the latest.

These rules go into affect Aug 22.

  • Inactivity fees are banned
  • Penalty fee (e.g., late fee) cannot be more than the required minimum payment.
  • Penalty fee is generally limited to $25 (exceptions for habitual transgressions)
  • If your credit card company increases your APR, it must re-evaluate that rate increase every six months. If appropriate, it must reduce your rate within 45 days after completing the evaluation.

For the full text of the rules visit: