What does the credit card law mean for cardholders? Millions of credit card users will avoid retroactive interest rate increases on existing card balances and have more time to pay their monthly bills, greater advance notice of changes in credit card terms and the right to opt outsecondary creditof significant changes in terms on their accounts. That will take the surprise out of "gotcha" fine print and give consumers time to shop around for better deals if they don't like the new terms. The new requirements were phased in over a 15-month period. The first batch of new credit card protections took effect Aug. 20, 2009, and the majority of provisions started on Feb. 22, 2010, while the final batch began Aug. 22, 2010.

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What does the credit card law mean for cardholders? Millions of credit card users will avoid retroactive interest rate increases on existing card balances and have more time to pay their monthly bills, greater advance notice of changes in credit card terms and the right to opt outsecondary creditof significant changes in terms on their accounts. That will take the surprise out of "gotcha" fine print and give consumers time to shop around for better deals if they don't like the new terms. The new requirements were phased in over a 15-month period. The first batch of new credit card protections took effect Aug. 20, 2009, and the majority of provisions started on Feb. 22, 2010, while the final batch began Aug. 22, 2010.