Thanks to the Credit CARD Act, or the “Credit Cardholders’ Bill of Rights,” new protections for consumers with credit cards will take effect on Monday, February 22.
Here are a list of the new protections from Maine's Congressman Mike Michaud, who was a supporter of the legislation:

• Prohibits arbitrary interest rate increases and universal default on existing balances;
• Prohibits issuers from charging over-limit fees unless the cardholder elects to allow the issuer to complete over-limit transactions, and also limits over-limit fees on electing cardholders;
• Requires payments in excess of the mi....