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SALT LAKE CITY -- New credit card rules meant to protect consumers went into effect Sunday, but experts say Utahns still need to read the fine print.
It's what experts are calling a "final push" in the biggest overhaul of the credit card industry in American history. The new rules, now in effect, are meant to safeguard consumers from "unreasonable late payment and other penalties."
One of the new rules states the penalty fee can't be more than the dollar amount that was charged to get that penalty. For example, if you are over your limit by $5, you can't be charged more than $5 as a penalty.
In addition, fees for not using your credit card can only be charged if you haven't used it for at least a year. Credit card companies can't charge more than $25 for late payments, except in "extreme situations."
However, there are still penalties and fees if you break any terms of the agreement. That's why experts say it's important to read the fine print.
E-mail: ajames@ksl.com
