The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 was signed into law by President Barack Obama on May 22, 2009. The new credit card law - the CARD Act - made significant changes to existing credit card law and created new protections for credit card users.
The CARD Act makes significant changes to exiting credit card law including regulations on interest rate increases, billing statements, over-limit charges, and payment due dates.
While most parts of the CARD Act do not go into effect until February 22, 2010, some of the law became effective on August 20, 2009.
