Consumers will have to wait until next year for most of the protections contained in the credit card bill signed into law today by President Obama. But more immediate gratification comes on Aug. 20, when two provisions in the law become effective: one that requires banks to notify customers 45 days in advance of any change in interest rates, and another that mandates that credit card statements be mailed out 21 days before payment is due. 

Most of the law's other provisions will go into effect on Feb 22, 2010, nine months from the date of enactment. One major change, though, will come later. The law calls for reasonable and proportional penalty fees, such as those imposed for late payments and going over your credit limit. First the Federal Reserve Board must issue rules setting standards on what constitutes reasonable fee levels by Feb. 22, 2010. Those final rules will become effective by July 22, 2010.