President Barack Obama on May 22 signed the Credit Card Accountability, Responsibility and Disclosure Act or "Credit CARD Act" into law.

While some provisions were effective August this year, most of the provisions won't go into effect until Feb. 22, 2010, issuers may begin to roll out provisions sooner.

Despite the law's intent to further disclosure and fairness, you still must read the small print, if you don't want to get caught in a loophole.

For example, don't expect a cap on interest rates. The new law doesn't mandate that.

Here's what's available now and later.

Effective now:

• Retroactive rate increases are forbidden on existing balances unless a teaser promotional rate expired, the variable indexed rate rose or you blew it and have been late 60 days or more.

Card issuers also can't raise rates on an unrelated accounts because you were late on another account.

If you are late for 60-days, and the lender raises the rate, the lender must return the account to the lower rate as soon as you pay six consecutive months on time.

And here's the rub.

(Wouldn't you know it.)

Credit card issuers can raise rates at any time for any reason on new balances, provided they give you 45 days' advance notice.

• You now must also receive a 45 days' notice on any key contract change, including rate increases -- giving you plenty of time to change issuer. Previously the Truth in Lending act gave you only 15 days.

And there's an exception to this rule too.

Your bank can immediately shrink your credit limit without notice unless the shrinkage would trigger a penalty.

• Anyway, now you get more notice before a payment is due. Statements go out 21 days before a payment is due. Previously it was just 14 days.

Effective 2010:

• Among restrictions on fees, you won't get socked with an automatic over-limit fee unless you opt to allow the issuer to approve over-limit transactions. Even then creditors can't charge your more than one over-limit fee per billing cycle. (A similar rule may or should be afoot for "courtesy overdrafts.")

In some cases, fees will also be waived to make payments by telephone or Internet and when payments are received by the due date or next business day.

• If you are under 21 and can't prove a source of income or don't have a co-signer who can, you will no longer be able to get a credit card. It sound's rough, but that's to protect you if you are a student or other young credit user and aren't up to snuff on financial management skills. After Feb. 2010, get a job or someone to share your risk.

• You'll no longer be the victim of something called "double-billing" the notorious practice of calculating finance charges on both the previous and current balance. Good riddance to a really nasty, money-grubbing practice.

• Next year, if you get a gift card, it will also come with protections. It can't expire for at least five years and the gift card issuer can only access inactivity fees if the card is not used for 12 months.

So if you get a gift card, don't let it collect dust.