New credit card rules to take effect on February 22

A bevy of new rules affecting credit card accounts will take effect on February 22. Long considered to be one of the most abusive sectors of the financial industry, credit cards have recently gotten such a bad rap that changes were virtually guaranteed to be coming down the pike. Well, now they are.

Here is a list of the changes to the credit card industry that will go into effect on February 22:

• Rates cannot be increased during the first 12 months after opening an account.
• Rate increases can only be applied to new charges.
• Application and annual fees cannot exceed 25% of the initial credit line.
• No more double-cycle billing.
• Promotional rates must remain in effect for a minimum of six months.
• No more over-limit fees, unless the card holder opts in.
• No fees can be tacked on to credit card payments made online or over the phone unless the payment is made on the due date.
• The credit card company must give 45-day notice of pending rate or fee hikes or any other significant changes to credit-card terms.