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.
