Starting today, consumers will notice some big changes from their credit card companies. That’s because the CARD Act officially takes effect.

Every credit card bill must now include information about how long it will take consumer to pay off their debt making the minimum payments. Companies are also required to include information for paying it off within three years.

Late payment penalties will still exist, but consumers can get their original interest rate back after six months of on-time payments.

And over-the-limit charges will be completely eliminated, unless consumers “opt in” to allow them.

A lot of the changes are aimed at younger cardholders, especially those in college.


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