Credit card lenders have traditionally acted like the dancing, singing gypsies you meet backpacking through Europe. First they fool you with trickery and pyrotechnics, and then they strike your throat, robbing you of both your possessions and pride.  Well, in 2009, Uncle Sam declared it gypsy hunting season and created a set of rules to disarm these roving bandits.  They call these rules the Credit Card Act of 2009.  I call it the “Mister Miyagi decides to take matters into his own hands after watching Johnny repeatedly roundhouse kick Daniel-san in the face” Act of 2009.

Take note because these new rules protect you and are also some fun “did you know?” tidbits to entertain and amaze your future date (okay, maybe not).

1.  Wingman/wingwoman Clause: If you’re under 21, you can’t apply for a credit card unless you either have an adult co-sign (meaning they share in the responsibility of handling the card) or you have a proof of sufficient income (aka put on your big boy pants). Essentially it makes sure you have someone to back you up in case you can’t handle the live fire hose that is credit card spending.

2.  “Free samples at Costco” Clause: We all love free stuff.  But sometimes, people use free stuff to lure us into bad situations (like buying 5 lbs of bacon wrapped scallops).  Credit card companies can no longer offer you free stuff (pizza, t-shirts, tasers) in return for getting you to sign-up for a card on a campus or at college-sponsored events.  We were pretty sure those pizzas are laced with chloroform anyway, so this is a good thing.

3.  The Lowdown Clause: Credit card lenders love to reel you in with cool marketing campaigns and attractive rewards programs, only to surprise you with hidden fees and hidden interest rate weapons. Basically Uncle Sam is giving you every opportunity to know exactly what you are getting into when it comes to paying back your credit card. Credit card issuers must notify you at least 45 days in advance of any significant changes to your account like interest rates and fees. You have the right to cancel your credit card, and this notice must include a toll-free number to call and the deadline to cancel. They have to let you know that if you miss any payments your interest rates and other fees can change.

4.  “Credit Report” Card Clause: Everyone gets a check-up to see the damage done from all those weekly happy hours.  Well, finances are no different.  Everyone needs a snapshot of their financial health, and better yet, you get one a year free from each credit bureau.  In fact with this new law, any company advertising a free credit report must disclose that free credit reports are available under Federal Law at: AnnualCreditReport.com.  Look up your report before you decide to take out a loan.

5.  Break-Up Clause:  Remember when you broke up with your ex and she demanded all her stuff back pronto?  Suddenly you were left sitting on a futon mattress on the floor of your bare apartment eating Chinese food with a plastic spork while asking yourself if she really was that awful.  Well, the days of cancelling your credit card and having to pay off your entire credit card balance to the lender right away are over – you still have to pay them back, but at least they give you some time to get things in order.

6.  “Don’t forget your girlfriend’s birthday” Clause:  Remember when you totally forgot your girlfriend’s birthday and was saved by that lovely Facebook reminder. Well you can sleep well knowing that lenders are now required to do the same. Lenders must tell and remind you about important dates regarding your credit card.  For example, monthly credit card bills must show the due dates for payments and the timeline for late payment fees.

7.  Credit Card “GPS” Clause: Card issuers need to basically provide a payment roadmap to show you how long it will take to get to that final destination (aka paying off your debt).  Yes, you heard me right. They are actually telling you how to pay them back.  This is like the time your teacher gave you a test with literally the same questions that were answered in the review session.  Happy birthday to you!  Credit card companies must tell you how much interest you will have to pay over any payment period, including if you only make a minimum payment.

8.  “Life-Line” Clause: Card issuers must set up toll-free telephone numbers for consumers to get information about nonprofit credit counseling and debt management assistance.

9.  “You do not have to jump on that grenade if you don’t want to” Clause: We did a lot of things we didn’t want to do in our 20s.  A lot of it was because people handed us things, and we just did it.  Smoke this, drink this, eat this, make-out with her. No more people! You will now have a right to opt out of certain changes to your credit card account, including raised interest rate, fee increases, and other charges.  Credit card issuers may say, “Hey, we are increasing your purchase APR just because we want more money.” You can now respond with, “I don’t like you anymore. I’m moving on to that petite brunette who is in my intro to micro class.”  Keep in mind that if you decide to opt out of fee changes, you can’t be penalized.   However, you can’t opt out of APR increases if you are more than 60 days late in your payments, and you can’t opt out of minimum payment increases.

10. “Wack-a-mole” Clause:  Lenders used to love keeping payment dates a moving target for borrowers.  This month, everything is due on the 22^nd. Next month, it’s the 30^th…dance monkey, dance!  This clause ensures that lenders keep due dates for monthly payments the same each month.   If due dates fall on weekends or holidays, payments must be credited to the account on the next business day without late penalties.  If changes in the credit card issuer’s mailing address or payment procedures cause delays in your accounts, the issuer cannot charge late fees during the 60 days following those changes.  Moreover, monthly statements must be mailed or delivered to credit card users at least 21 days before the due dates.

11. “Bug Bite” Clause: Remember the last time you went camping and you woke up with bug bites all over your body?  Well, that’s what lenders like to do to you.  They take small bites at your wallet whenever they can with a host of “if this happens” fees.  But it’s a new day my friend, and miscellaneous fees are being restricted.  For example, you can’t be charged additional fees based on how you choose to pay off your credit card (like using mail versus online), and no fee they charge you can exceed 25% of your credit limit.