"Credit cards will be more transparent and easier to understand for everyday Americans. Credit cards will become more costly for all users, say issuers and industry analysts, and inaccessible for low-income families. Look for the return of routine annual fees, fewer rewards cards and the possibility that bills will be payable immediately rather than after a monthlong grace period.

Millions of credit card users will avoid retroactive interest rate increases on existing card balances and have more time to pay their monthly bills, greater advance notice of changes in credit card terms and fewer penalty fees, late charges and interest payments. The law also fundamentally changes the way credit card issuers market, bill and advertise credit cards. "