Issuers can't raise rates on an existing balance unless you're late by 60 days or more. No longer will they be able to punish borrowers for late payments on unrelated accounts under the practice of universal default or due to "anytime, any reason" clauses.
If the cardholder does trigger the default rate because of a 60-day delinquency, the bank must restore the lower rate once the cardholder demonstrates six consecutive on-time payments. This provision takes effect in August 2010.
Rates can't be raised in the first year after issuance, and promotional rates must last at least six months.
Caveat: Issuers can raise rates at any time for any reason on new balances with 45 days' advance notice. Cardholders will still need to read correspondence from their creditors.
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