New credit card rules take effect

NORWALK - New credit card regulations designed to help consumers are now in effect.

The rules prohibit credit card companies from hiking interest rates without a reason and an explanation.

Companies are also banned from charging multiple fees for the same mistake, and fees for late payments and other transgressions will be capped at $25.

Author Jim Randall says some companies are increasing the cost for foreign transactions, cash advances and balance transfers to make money off consumers, so it's still important to keep a close eye on monthly statements.

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