The following changes will go into effect on February 22, 2010:1.    Credit card issuers will not be able to increase interest rates on existing credit card balances unless the borrower is at least 60 days late.

2.    Credit card issuers must provide clear disclosure of account terms before a borrower opens an account.  The promotional interest rate will have to last a minimum of six months.

3.    Credit card companies will not be able to raise interest rates during the first year the account is open.  This rule does not apply if the borrower is 60 days late on a credit card payment.

4.    Credit card issuers will not be able to charge over limit fees without the card holders consent.

5.    Credit card issuers will not be able to charge additional payment fees for accepting payments by mail, phone, electronic transfer or any other means, unless the payment is processed through an expedited service processor.

6.    If a due date falls on a weekend or holiday the credit card issuer are not able to penalize mailed payments that are received the next business day.

7.    Double cycle billing is illegal.  Double cycle billing is a process where credit card issuers use the previous month’s balance to calculate interest for the current month.

8.    Credit card issuers will be required to apply any payment above the minimum balance due to the highest interest balance.

9.    Fees on a credit card will not be able to exceed more than 25% of the credit limit.

10.    Credit card companies will have to include a minimum payment disclosure that explains how long it will take to pay off the existing balance and the total cost in interest if the card holder pays only the minimum amount due.

11.    Credit card issuers will have to make terms and agreements available on the internet.