The first phase of new consumer protections under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD”) took effect on August 20th.  Here are the key provisions:

• Credit card issuers are now required to mail billing statements to cardholders at least 21 days before the due date, as opposed to 14 days under prior law.
• Credit card issuers are now required to give at least 45 days notice of interest rate hikes.  Previously, only 15 days notice was required.
• Credit card companies also must give consumers the right to opt out of interest rate hikes by giving them the option to cancel their accounts and pay off the remaining balance at the old, lower rate.

Other provisions of the law will take effect in February 2010.  These include restrictions on rate increases for existing credit card debt, elimination of double-cycle billing, limits on fees and penalties that can be imposed, and restrictions on the marketing of credit cards to college students.