Money Fix: A few more things about new credit card rules

As of Monday, phase two of the Credit Card Act of 2009 takes effect. It calls on card issuers to mend some ways. "Instead of being run over by the train, we can now see it coming and possibly find another track," says Adam Levin, chairman and co-founder of Credit.com.

Last week we looked at implications for those younger than 21. Here are further highlights.

Interest. Card issuers can no longer slap a higher interest rate on your existing balance -- unless you're 60 days late paying. But, if you're 30 days late they still can charge a fee and report you to credit reporting agencies.

Transparency. Expect a new look to bills. Card issuers are required to show how long it will take to pay your existing balance if you make minimum payments.

Companies also are required to show your monthly payment if you opt to wipe out the balance in 36 months. With bills including information on debt settlement and credit counseling services, more consumers are likely to seek that help when they see just how deep in the hole they are, says Gerri Detweiler, Credit.com's personal finance adviser.

Two-cycle billing. Issuers can no longer average last month's balance, some of which may be paid, with this month's and charge interest based on the two.

New tricks. Although the act allows for "fewer tricks and traps, there will be new ones," Levin says. Look for more annual fees and experimentation with inactivity fees.

One department store card issuer eliminated the grace period and charged interest right away, according to Detweiler. If the user pays the balance in full, the interest amount is credited to the next month's bill.