February 2010 will bring changes that credit card companies must follow. Some companies are already mailing information to their card holders. Rates for existing balances can't be raised for being a few days late with a payment but you could be charged a late fee.

Another change for February 13, 2010 is that the APR on existing balances is only raised if you don't make your minimum payment within 60 days of the due date. If this happens the card company could amend the agreement to raise your rates. The company must send a notice of any changes at least 45 days prior to rate increases and send an amendment to your Account Agreement.

Amounts over the minimum payment can be used to pay down balances with the highest APR. The payment will be due at least 25 days from the date on the statement.

Credit cards are super for rebuilding credit when payments are made on time every month. It can take several months to rebuild credit, but to do it, having credit is necessary.

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