The first parts of the much-awaited (or much-dreaded if you are a credit card company!) Credit Card Act of 2009 have gone into effect, so we want to be sure you know exactly what this means for your wallet.

Although the bulk of the legislative provisions don't take effect until February of next year, a few provisions kick in now.

From now on:

1. Banks must mail your bill at least 21 days before the due date.
2. Banks must provide at least 45 days notice before implementing any significant increase in fees or interest rates.
3. Banks are prohibited from increasing fees and/or interest rates without informing you, the cardholder, that he/she has exceeded their credit limit or has missed a payment.

Be sure that you check your statement's due date to ensure that you are getting the required additional time to pay your bill.

Additionally, next July new disclosure rules will become effective...more of the details on those rules after the first of the year.

Stick up for your new rights...if your card isn't complying, call them immediately.  The new law is great, but it is still up to you to be vigilant.

As we recently warned you about, the latest credit card dirty trick involves some banks converting fixed rate credit cards to variable interest rates...even customers with excellent payment records! Others are aggressively increasing interest rates-which they can still do as long as they give you proper notice.

Keep your eyes open for changes in your card's interest rate and read every piece of mail from your credit card company!

The rest of the new law kicks in next year.  Learn what the new credit card reform law means for your wallet.