Signed into law by President Obama on May 22nd, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 marks a significant turning point for America's credit card industry. Consumer activists claim the new law will finally afford Americans the reliable protections they deserve, while major credit issuers argue the new rules will only further limit the availability of credit at a time when it's perhaps needed more than ever before.

Although most of the 2009 Credit CARD Act's major provisions don't take effect until early 2010, bill-paying procrastinators have something to cheer about already. Effective August 20th, you now have more time to get that credit card bill paid after your credit issuer delivers your monthly statement - make that a whole week of extra time.

Have you ever noticed that your credit card company mistakenly billed you for something twice? Or perhaps you returned that new flat screen TV because it was too huge to fit on your living room wall, only to find the charge still showed up on your credit card statement without a refund? If so, you should know you have the right to resolve these types of billing disputes for "open-end credit accounts", such as credit cards or charge cards, through the Fair Credit Billing Act (FCBA).

Effective August 20th, the Credit Card Act requires credit issuers to provide 45-day advance notice of a change in interest rates. The idea is that consumers will now have a sufficient amount of time to review the changes, exercise their right to opt out of the new rates, and search for replacement credit cards.