Loopholes to new credit-card protections that start Feb. 22

The second phase of the Credit CARD Act of 2009 becomes effective in three weeks. The change means more certainty for folks currently holding balances. For instance, banks no longer will be able to suddenly raise interest rates on existing balances.
But that doesn't mean they can't make mischief with you account. Your bank still will be able to raise rates at any time for any reason on future purchases after the first year a card is opened. It will have to tell you 45 days before it makes the change, but it can start charging the new rate on any charge made 14 days after it sends out that notice.

So if you get such a notice and don't agree with the new rate, it's best suspend charges from that card right away. After all, you might not get that notice until several days after it was sent out.

Consumer Reports outlines what the Credit CARD Act does and doesn't do. In addition, on the Defend Your Dollars Web site, Consumers Union's advocates have outlined the law's exceptions and gotchas.
If you'd like to do more to protect yourself and others from obnoxious banking practices, join Consumers Union's campaign to promote establishment of the Consumer Financial Protection Agency