Nightly News | February 21, 2010
>> house. thanks.
>>> new rules for credit cards go into effect tomorrow, changing how and how much banks can charge you for using that plastic. the law is intended to protect consumer. but how far does it really go? for more on that we turn to cnbc's sharon epperson . sharon, what do we need to know ?
>> well, lester, some of the most important changes that will go into effect tomorrow are no interest rate hikes on existing balances. this does not apply to variable rate cards or if your introductory rate expires. it also does not apply if you're more than 60 days late with your minimum payment. another big change -- no interest rate hikes for the first year after you open a credit card . though the same rules apply regarding variable rate cards and late payments. of course, all of this comes at a price for the banks. they could lose an estimated $10 billion in revenue. we've already seen them raising interest rates and moving customers to variable rate cards. but they'll be looking for even more ways to protect their bottom line. so consumers should be on the lookout for increased annual fees on credit cards as well as more checking account fees and other new charges and higher minimum payments. now it's more important than ever, lester, to review your statements so you are not surprised by any new fees.
>> sharon epperson with important information. sharon, thank you.
>>> we have more tonight on