Here are some key provisions (obviously written by the credit card companies but what the heck, Tim, you can take credit ...pun intended).
* No interest rate increases during the first 12 months of opening a credit card.
* Credit card issuers must give a 45-day advanced notice before increasing your interest rate.
* No fees to make your credit card payment online, by mail, or over the phone.
* Billing statements must be sent 21 days before the due date.
* Payments are on time when received the next business day after a holiday or weekend.
* Payments are due on the same date each month.
And the key one which I just love: The legislation requires that credit card companies extending credit to consumers under the age of 21 to obtain the signature of an individual 21 years or older who will take responsibility for the debt.
I sure feel safer with ol' Tim watching out for us.