Starting on the above date, and at least every six months, credit card companies must review all of the rate increases they’ve made, dating back to January 1, 2009. During this review process, they must reassess the risk factors that prompted them to increase the cardholder’s rate and APR. If they feel the increase was justified, they must explain it to the customer in writing. Otherwise, they must reverse the increase.

As you can see, there are many significant changes that will take place during this three-phased implementation. In fact, this new set of credit card laws represents the largest overhaul of financial regulation since the Truth in Lending Act was created in 1968. These laws will protect consumers from many (but not all) of the abusive practices that card issuers have developed over the years.