Credit Card Offers Just May Be A Good Sign

Card issuers have had great leeway to change a fixed rate with little notice. Credit card reforms will only allow issuers to claim a card has a fixed rate if it can't be changed for a certain period that's clearly spelled out, he says. Card issuers, worried of running afoul of the new law, are sticking with variable rate cards, he says.

Most card reforms kick in in February. But two provisions take effect next week.

The first requires card companies to mail bills at least 21 days before payment is due, instead of the 14 days that's become the norm for some issuers.

The second requires card issuers to give 45 days' notice before raising your interest rate or significantly changing card terms. (No notice is necessary if the rate on a variable interest card goes up because its benchmark rate has risen.)

Consumers often complain about the short time they have to mail in their payments, so the extra week will be helpful, says John Ulzheimer, president of consumer education for Credit.com.

But the 45-day notice provision likely will have little impact because consumers tend to ignore notices anyway, he adds.