NEW CREDIT-CARD RULES OFFER CONSUMERS NEW PITFALLS

New credit-card rules that went into effect in February are aimed at improving disclosure for consumers, but there are some potential pitfalls. The new law could result in card issuers implementing higher fees to compensate for interest-rate caps, and it could become tougher for consumers to get a new credit card. The new law also is likely to curb the number of rewards offered by companies, this article says. CNN Money had a really good summary of how this new legislation may impact you. CNNMoney.com

AMERICAN EXPRESS SAYS PAY YOUR CREDIT CARD BILL ON TIME OR YOU WILL LOSE YOUR POINTS

In case you haven’t heard, starting in January, American Express says that any credit cards that are cobranded with Delta JetBlue, Hilton or Starwoods won't receive reward points if you are late paying your bills. In other words, pay your bill on time or forfeit the miles or points you thought you earned for making purchases on your card during that month. To get the rewards back, it's going to cost you. You'll be hit with a $29 reinstatement fee if you want the rewards back. That fee is on top of the late-payment fee — $19 or $38 depending on your balance. A penalty interest rate, currently 27 percent, would be assessed on future balances.