The Credit Card Accountability Responsibility and Disclosure (CARD) Act changed the rules, so credit card companies changed the way they play the game. Here are some things that are hidden in the fine print.

A lender can change the terms of your credit card if they’ve reviewed your credit history and notice you’ve been late with another credit card’s payment. They say they’re just looking out for themselves here. The CARD Act does offer some protection in this case – which is that they can only apply the new rate for purchases from that date on, not to existing balances, (though there are likely to be exceptions).

The CARD Act says that credit card issuers need to give customers a heads up of at least 45 days if there is going to be any significant change to their accounts. Once this advance notice is given, the customer then can reject new terms. Depending on the issuer, this could mean they back off and say “Okay, we’ll leave it as is”, or (more likely). “Fine then, we’ll close your account.”

Of course, if you choose to close the account, you’ll still have to pay the balance, but your credit score may go down. And if you want another card, you may have to settle for a higher interest rate. So do the research and know what you have to bargain with before you make the call to reject their terms.

The CARD Act has made it easier to make payments on time by changing the hour that counts as the deadline. Before, if your payment was due on, say, May 28, it could be at 9 a.m. on the 28th. Now, as long as they’re in before end-of-business, or 5 p.m., on the due date, they’re on time. And, if the due date falls on a day when payments aren’t accepted or processed, like a weekend or holiday, the issuer has to accept your payment as on time if they receive it on the next business day.

Of course, late fees are a set amount, regardless of the amount of the bill that was due. So a fee of $39 can be charged on a bill of $20. And don’t forget, if you’re late, they can change your interest rate, and it’ll mess up your credit report, so it really pays to be on time!