New credit card restrictions take effect
New rules designed to protect credit card users from "unreasonable late payment and other penalty fees" went into effect Sunday as a result of the Credit Card Act of 2009.
The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations
