Effects

• Credit card companies must now notify you in writing at least 45 days in advance of major changes to your agreement, like interest rate changes. Additionally, credit card companies must maintain consistent monthly due dates and mail your statements 21 days before they are due. Credit card companies can no longer market directly on college campuses and card applicants under 21 must either have a cosigner or be able to prove sufficient income to afford the card.
  
  

Considerations

• Credit card companies must reject any transactions that would put cardholders over their credit limits, unless those cardholders have opted into allowing overlimit transactions and fees. However, credit card companies are bringing other fees into play, like inactivity fees. Balance transfer fees and annual fees have risen--or may be altogether new things for some cards.
  
  

Warning

• Advance notification of credit limit decreases is not considered a major change to your agreement, and is not subject to the 45 day notification rule. Similarly, if you have a variable APR or have come to the end of a promotional interest rate period, credit card issuers are not required to notify you in advance.