Last year, Congress passed the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD Act). According to WhiteHouse.gov the legislation will mark “a turning point for American consumers and end the days of unfair rate hikes and hidden fees.” The terms of the CARD Act, many of which go into law on February 22, 2010, are meant to keep sudden interest rate hikes in check, end the practice of “double-billing” on finance charges & fees, and put a stop to over-limit fees without consumer’s prior consent.

With February 22, 2010 fast approaching, credit card companies are preparing for the financial hit they feel they’re going to take by hitting consumers with various underhanded tactics before the laws take effect. Everything the credit card companies can think of in the 11th hour is being hurled at consumers: increased interest rates and fees, decreased credit limits, higher minimum payments, and even changes to their rewards programs.

Even with the new laws giving more time to the consumer to notice and familiarize themselves with any changes, if you’re not scrutinizing your credit card bills, it can certainly be overlooked. When the CARD Act changes the notification time to change rates or fees to 45 days, if you’re one of the many Americans that simply looks at the balances and tosses the statement on the trash, or promptly files it away, then it wouldn’t matter if you were given a full year’s advanced notice.

It may not be the most glamorous part of your day, but now especially, consumers need to be poring over their credit card statements for notice of changes. It’s probably a good idea for consumers to check the CARD Act Fact Sheet, and become familiar with all of the new credit card laws designed to protect you.

Of course if you have any additional questions about the CARD Act, general credit questions or credit repair services questions, contact us for some answers and a free credit profile consultation.