"You learn something new every day."

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 was signed three months ago by President Obama and protects us, as consumers, from shady credit card practices.

I am relieved by this because I was furious when Discover raised my APR to almost 20% when I’ve been a loyal, never-late member since 2006. I had to accept this because it’s the first credit card I’ve ever owned and thus my oldest one, which helps my credit score. Fortunately, the second right (cardholders shall have their APRs reviewed every 6 months to see if a reduction in rates is warranted) should help me in this sooner or later. Only some of the CARD Act went into effect a few days ago, but the rest of it should go into effect by February 2010.

Check out the complete Cardholders’ bill of rights and see if any of your credit cards are compliant.