Final credit card changes go into effect

The new provisions also ban inactivity fees and require card issuers to review accounts every six months that have had rate increases to see if the higher rate is still warranted.

"The industry has moved swiftly to implement all of these changes and the final piece of the puzzle is now in place," said Kenneth Clayton, American Bankers Association's senior vice president and general counsel for card policy. "It will still take some time before we can really see how the landscape has changed, but it is clear that consumer choice and control will ultimately drive further changes in the marketplace."

The CARD Act was signed by President Obama on May 20, 2009, providing credit card customers "with greater choice, predictability and transparency," ABA said in a release. 

The ABA called the implementation of the law a "transformative process that signifies a fundamental change for both consumers and the industry."

"The new reforms put consumers squarely in the driver’s seat by restricting fees and requiring clearer rules and improved disclosures," Clayton said. "Better information allows for better choices and we believe the new law will make it easier for consumers to understand and meet their credit obligations."