Credit card changes ahead for February

(UNDATED) - For the millions of Americans who use credit cards, February means big changes, but a law designed to protect you, could have some unintended consequences.

As credit card companies try to make up for lost revenue you need to know what to watch out for.

On February 22, the final phase of a sweeping credit card reform act takes effect, completing a law that gives cardholders:

• The right to reject a rate increase and close an account, with 5 years to pay off the balance at the current rate
• Forty-five days notice of any rate hike
• Bills sent 21 days before the due date                                        

With change in the air, it's a good time to make a habit of reading your statement.  Some have already made changes but look out for new annual fees, higher fees, for things like balance transfers and cash advances, even inactivity fees for not using your card.

The new law limits when card issuers can raise interest rates, but doesn't cap how high rates can go.

And if you're under 21, you won't be able to get a card unless you prove you can pay the debt, or a parent or guardian co-signs.