Credit card holders, watch for changes in terms as rules take effect

By PAMELA YIP / The Dallas Morning News

The bulk of sweeping new credit card regulations won't take effect until February, and many card issuers are already raising interest rates and slashing credit lines.
So what will happen after the new rules take effect?

Although the rules will prohibit certain practices related to interest rates and fees, there's still room for issuers to fudge in other areas, some credit experts say.

"They're going to find loopholes in the legislation," said Curtis Arnold, founder of CardRatings.com, a credit card information Web site. "There's no way you can cover every single potential consumer topic."

For example, the new rules prohibit certain fees but "they do not put any restrictions on fees for balance transfers, cash advances or late payments," said Bill Hardekopf, chief executive of LowCards.com, a credit card Web site. (more)