New credit card protections to take effect

August 19, 2009 5:27:44 PM PDT
Consumers will be able to reject higher credit card interest rates if they close the account and pay off the balance within five years. Also, banks must give 45 days notice before raising rates.

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Consumers are concerned banks may try to increase other fees or rates to make up for losses.

"We may be seeing fees on balance transfers. And those credit card holders, the 55 percent of Americans actually don't carry a balance on their credit cards -- they may be seeing fees," said Sally Greenberg National Consumers League.

So, you should check your statements to see if there are any new fees or conditions.

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