The Federal Reserve’s new credit card rules give consumers new protections. Here are 9 changes that everyone should know.
1. The credit card company must tell you when it plans to change rates.
2. The credit card company must tell you how long it will take to pay off your balance.
3. Interest cannot be increased during the first year.
4. Interest increases apply only to new charges.
5. Over-the limit transactions are limited.
6. Fees on cards cannot exceed 25 percent of initial card limit.
7. New protections have been created for under-age consumers.
8. New Standardized payment dates and times.
9. Payments are now directed to highest interest balances first.
For more information, visit the Federal Reserve website.
