With the new rules, credit card companies can hit you with only one penalty fee per billing cycle. Fees will be limited to $25 and can't be more than your minimum payment. However, you can be charged more if you get behind on payments more than once in a six-month period.
"We'll probably see most late fees and over-limit fees go to a maximum of $25 or $35 for the second violation in six months," said Nick Bourke of the Safe Credit Cards Project.
Also, if your interest rate is about to go up, the credit card company has to tell you why.
In addition, there will be no more fees for not using your credit enough.