Must-know credit card rules

Credit cards

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Credit card disclosures, offers and industry practices have undergone a major overhaul thanks to a host of credit card rules from legislation, Federal Reserve regulations and the Dodd-Frank Act. A law known as the Credit Card Accountability, Responsibility and Disclosure, or CARD, Act changed many industry practices, including card issuers’ ability to charge overlimit fees, impose rate hikes and implement certain account changes swiftly. New Federal Reserve regulations made credit card disclosures more informative, and part of the Wall Street reform bill will cause some consumers to receive a free credit score.

What does it all mean for the cards in your wallet? Bankrate.com explains how the reforms affect you.

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