CARD Act: New credit card rules and regulations you need to know

Today may well be the first day of the rest of your financial life. Major provisions of the CARD Act – or the Credit Card Accountability, Responsibility and Disclosure Act of 2009 – go into effect today that create new credit card rules that are more consumer-friendly. (As you know from my earlier post on annual fees, some card issuers are already fighting these rules in a not-so friendly manner.)

Here's a look at the major changes, what I believe consumers should expect the card companies to do in return, and what you should do about them.