On May 19, Senate passed sweeping credit card legislation that will affect every credit cardholder.  The Senate voted 90-5 in favor of new credit card measures.  President Obama is expected to sign the bill into law in stages.  

• Banks must wait until you’re 60 days late in making the minimum payment before applying a penalty interest rate to your existing debt
• Card companies will have to give 45 days’ notice before raising their interest rates.
• Banks must send out your bill no later than 21 days before the due date
• Stopping purchases from spending over your credit limits
• When you make a payment over the minimum balance, banks will have to apply it to the highest-interest debt first
• If you’re a student, it will become harder to get a credit card. No one under 21 can have a card unless a parent, legal guardian or spouse is the primary cardholder.