When I read the article at CNN Money, I felt pretty good about it:  “No More Retroactive Credit-Card Rate Hikes” … sounds great, right?!  New rules for these companies that squeeze every drop of blood out of those of us who are foolish enough to use the cards (Yes, me. Probably you, too).

Then I read it again.  RETROACTIVE credit card rate hikes?  Say what?  Credit card companies were able to retroactively change your rates for purchases already made?  This is outrageous!  I guess it’s good news, then, that the practice is being put to a stop.

Also changing are random billing dates - they will now have to be billed at the same time every month.  In addition, the due date TIMES will conform to one time.  For example, one bill could be due at 1:00 p.m. EST on the 15th of the month, while another could cut it off at 2:33 p.m.  Ignorance on my part is not bliss… I had always been under the assumption that as long as something was postmarked by the day it was due, you were in the clear.

Personal finance editor Gerri Willis writes,

And although 45-days notice is required before making any changes under the new law, your card can still be closed or your limit lowered without your input.

Also watch out for fees! With credit-card companies trying to replace lost revenue, fees are everywhere. There are NO restrictions on the types of fees that credit-card issuers can charge, from dormancy fees to annual fees, and even fees to receive a paper statement.

She is right - READ EVERYTHING you get from your credit card company.