8 benefits of new credit card rules

By Leslie McFadden , Bankrate.com

On May 22, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009 into law. The legislation will improve consumer disclosures and end some egregious practices in the credit card industry but stops short of capping interest rates and fees. Most of the provisions go into effect Feb. 22, 2010, although a few of the changes take effect on Aug. 20, 2009.

Here's an overview of the major changes the law will enact.

(istockphoto)
By Leslie McFadden , Bankrate.com On May 22, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009 into law. The legislation will improve consumer disclosures and end some egregious practices in the credit card industry but stops short of capping interest rates and fees. Most of the provisions go into effect Feb. 22, 2010, although a few of the changes take effect on Aug. 20, 2009. Here's an overview of the major changes the law will enact.