The law passed by Congress last year overhauling credit card rules takes effect in stages. However, the vast majority of the changes take effect on Monday.
Card-issuers must disclose any changes that take effect when the card is renewed and must inform customers how long it will take to pay off a card balance with only minimum payment.
In billing statements, card issuers must disclose all due dates and penalties for late payments. Also, the use of the term "fixed rate," is banned unless the APR or interest rate can't be changed for any reason.
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