New credit card laws have come into effect from February 22, 2010. These laws will provide protections to the customers (credit card holders) by limiting the increase in interest rates, setting rule to disclose all the details in simple language, minimizing unfair billing, and even limiting the ability of the college goers under 21 to get new credit cards. To counter this, the credit card companies have already hiked their fees much before the laws could come into effect. They have increased the interest rates, added new fees, and are also drastically decreasing the credit lines.

Though the Credit Card Reform was made in the consumer’s interest, this also requires the consumer to be more efficient in handling his credit cards.

How to use credit cards

1. Know the rules – First time users, and even those using cards for a long time should be completely aware of the new rules. If any of the credit card companies violates these rules, you should immediately file complaint with the Fair Debt Collections Practices Act, and your State Attorney General.

2. Read the fine prints – Before getting any new credit cards, you should always read the fine prints carefully so that you miss no facts. Once you sign on the dotted line, you won’t be able to complain that you were not aware of this fact or that. You should read all the paperworks and all the points before signing.

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