New Credit Rules Effective August 22, 2010
"More new rules from the Federal Reserve mean more new credit card protections for you. Here are some key changes you should expect from your credit card company beginning on August 22, 2010:

Reasonable penalty fees

Let's say you are late making your minimum payment.

Today: Your late payment fee may be as high as $39, and you likely pay the same fee whether you are late with a $20 minimum payment or a $100 minimum payment.
Under the new rules: Your credit card company cannot charge you a fee of more than $25 unless:
One of your last six payments was late, in which case your fee may be up to $35; or
Your credit card company can show that the costs it incurs as a result of late payments justify a higher fee.
In addition, your credit card company cannot charge a late payment fee that is greater than your minimum payment. So, if your minimum payment is $20, your late payment fee can't be more than $20. Similarly, if you exceed your credit limit by $5, you can't be charged an over-the-limit fee of more than $5..."