The Credit Card Accountability, Responsibility and Disclosure (CARD) Act was passed last year as an attempt to ban some of the abusive practices used by credit card companies. While the legislation did prohibit many practices thought to disadvantage consumers, there are still a number of things that credit card companies can do that will make in difficult for individuals to effectively manage their debts.

Some of the major changes already in place include requirements that companies allow customers at least 21 days to pay their balance and a requirement that customers be given a 45-day notice period before any major changes are made in their cardholder agreement. Changes coming next month include prohibitions on inactivity fees, excessive late fees and other penalty fees.

While those changes seem like positive steps for consumers, credit card holders also need to be aware of some practices that are not prohibited and some of the actions credit card companies are likely to take in response to the CARD Act, including the raising of interest rates, cutting of credit limits, and creating and expanding of fees.

Companies are prohibited from raising interest rates on existing balances, but they can raise interest rates on new purchases as long as they provide notice to the cardholder 45 days before the change. Moreover, companies are reportedly beginning to switch cardholders over from fixed rate cards to variable rate cards, which have interest rates that rise and fall with the prime interest rate.

Some credit card users may see a change in their credit limit as companies reevaluate cardholders and their spending and payment record. Even if you typically pay off your balance each month, it is possible the company will drop your credit limit or decide to close your account without notice.

Under the new rules there are restrictions capping late fees at $25 and banning inactivity fees, but to make up for those restrictions card companies are expected to create new fees and raise existing fees such as annual fees, balance transfer fees and so on.

According to industry experts, their best advice for cardholders is to carefully watch your mail for notices from credit card companies. If a change is going to be made to your account, you will get notice in the mail and then have just 45 days to opt out of your cardholder agreement.

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High rates, more fees -- credit card traps here to stay (CNNMoney.com)