1. A person must be at least 60 days late for the interest rate to be raised on existing balances, and if (s)he then makes six consecutive on-time payments, the interest rate must be put back to its original level.
2. Being late on one card will no longer be a reason for creditors to raise rates on another.
3. Rates cannot be raised for the first year and promotional rates must be for at least six months.
4. Consumers will have to agree to allow over limit fees, and a card company can only charge ONE such fee per billing cycle.
5. Payments above the minimum will be applied to the highest interest rate charges.  Now, many credit card companies apply such payments to the lowest-rate balances. (causing you to pay much larger interest fees over the long haul).
6. If payment is made at a local branch of the credit card issuer, it must be applied the day it is received.
7. Gift cards will have to remain valid for five years, and inactivity fees cannot be imposed unless the gift cards are unused for at least 12 months.
8. Persons between 18 and 21 will need to have a co-signer, prove adequate income or take a certification course before being allowed to open a credit card,  This provision is aimed at college students and will go into effect in August, just before the rest of the school year.

Although the CARD Act regulates how and when interest rates can be changed, it does not cap them.  For persons on a Debt Management Plan who makes their payments in full and on time, that will be less important, as the credit card companies agreed to a fixed rate for as long as the Debt Management Plan exists.

Even so, it will remain important to continue to read carefully everything the credit card companies send.  Other provisions of the CARD Act will make such communications simpler.