More work to be done on credit cards!

Congratulations to Sean Kleefeld with 4,309 votes — grand prize winner of the 2nd Annual Consumers Union Dangers of Debt Image Contest! Click here to see all winning images.

A comprehensive credit card law is now in place that will help end the tricks that trap consumers in high-cost credit card debt. You can learn more about these key rights below. Click here to see when different provisions of the law go into effect.

The new credit card law includes these consumer protections:

• Restricts all interest rate increases during the first year
• Restricts interest rate increases on existing balances
• Increases notice for rate increase on future purchases
• Preserves the ability to pay off on the old terms
• Requires fair application of payments
• Provides sensible due dates and time to pay
• Protects young consumers
• Restricts issuance fees on fee harvester cards
• Requires enhanced disclosures
• Places limits on fees and penalty interest (effective Aug. 22)
• Requires banks to review rate increase every six months (effective Aug. 22)
• Establishes gift card protections (effective Aug. 22)

Help keep us informed.

Banks will continue to come up with new practices designed to get more money out of you, so tell us what's been happening with your credit card

Click here to read a full summary of the Credit Card Legislation.

Read the Federal Reserve Board's Tips on the new Credit Card Law.