New Credit Card Rules for 2010

Date: February 14, 2010

New Credit rules for 2010 are set to go into effect soon.

Some of the changes that many people will see or may have already seen on their credit cards are interest rate hikes. Many banks which issued these cards have hiked up the rates to well over 20% for many of their customers, most of whom paid their balances on time. One advise is to transfer these higher rates credit cards to ones that have lower rates but do not close these accounts with the higher rates or they could hurt your credit score.

Banks are also charging more fees for using credit cards that didn't exist before. Some of these fees are over-the limit fees and inactivity fees.

For those students that haven't reached the age of 21 yet, the new rules will make it harder for banks to lure them in with marketing gimmicks. In order to qualify for new credit cards, students must show that they have the independent income or they must get one of their parents to cosign the cards for the them.

There are also many changes in regards to reward cards so you should check your preexisting agreements and read the new ones that will be sent to you by the credit card issuers.