by Alison Storm | 08/17/10

In about a week new credit card regulations will launch. The regulations should help limit fees and also require banks to evaluate credit card interest rate increases on a regular basis. These new rules are part of the CARD Act passed by Congress in 2009. "Consumers are tired of getting stung by unreasonably high fees and getting penalized for such dubious reasons as not using their credit card enough," said Pamela Banks, Senior Policy Counsel for Consumers Union, in a news release. "These new protections will prohibit so-called inactivity fees and help put an end to excessive credit card fees that unfairly penalize consumers when they are late making a payment."

Here are some of the new regulations that begin on August 22:

Late Fee Limits: Gone are the days of late fees that are bigger than the minimum payment.

Multiple Penalties for Single Violations: Credit card companies can no longer give you a list of penalty fees when you make just one mistake.

Inactivity Fees: You can no longer be punished just because you don't use your card.

Unexplained Rate Increases: You'll never have to wonder why your interest rate jumped up. Now you must be given a reason by the credit card company.

Re-Evaluated Interest Rate Increases: Credit card companies are now required to frequently revisit rate increases. This must be done by February 22, 2011.

Consumers will still have to do their research when it comes to promotional interest rates. Sometimes when you sign up for a card you get a lower rate for a certain amount of time. "Millions of consumers saw their interest rates jump through the roof in recent years, including many consumers who always paid their bills on time," said Lauren Bowne, Staff Attorney for Consumers Union.  "While the new regulations require a review of rate hikes, they give banks too much leeway that will allow them to continue gouging consumers by keeping high rates in place."