Final phase of credit card reform law in effect

August 20, 2010 2:11:57 PM PDT
New protections go into place this weekend for credit card and gift card users.

On Sunday, the third and final phase of the credit card reform law goes into effect. It includes new protections against high penalty and late fees.

Consumers will also get the chance to roll skyrocketing credit card interest rates back to previous levels as long as a card user has paid bills on time for six months.

The new rules also extend the life of gift cards.