New Credit Card Rules

The Federal Reserve has come up with new credit card rules to help protect consumers.

There are several changes, but a few include requiring the credit card companies to:

• Send you a notice 45 days before increasing rates or other fees.
• Keep your interest rate the same for the first 12 months of opening an account.
• Let you know how long it will take you to pay off your balance if you make minimum payments.
• Provide protections for underage consumers.

There are exceptions to these rules, so read the new rules carefully to see how they can help you.

Website: http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm