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COLORADO SPRINGS, COLO. -- If you have a credit card then you are in for some changes as the government Monday implemented new regulations on credit card companies and how they charge consumers.

Last spring, Congress passed the Credit CARD Act. 

The federal law aims to "establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan."

Since the passage of the legislation, changes have been rolling out in stages, but Monday the biggest consumer protections kicked into effect starting with a change in interest rates.

"Before the credit card companies could change on new purchases or the old balances at any time. Now they are restricted in the first year and cannot raise the interest rates unless you have an introductory rate, and after that they have to give you 45 days notice," Money Coach Bill Stanley said.

Also new is that credit card companies will no longer be allowed to charge a fee when customers exceed their credit limits, unless they sign up for the service.

As for billing practices, they must now deliver bills 21 days before it is due, and they have to include additional information on a person's balance.

"On the statement they have to tell you how long it will take to pay off your balance if you make the minimum payments, and the example I have seen is $3,000 at 14 percent will take you around 10 or 11 years," Stanley said.

Stanley said another good change is that credit card companies will no longer be able to issue cards to people younger than 21 years old, unless they have a co-signer or can prove they can pay off the card.

He said there are some things that did not change that should have.

"The worst thing staying the same is there is no cap on the credit card interest rates. They are still going to be whatever the credit card company wants them to be," Stanley said.

Despite the good news, Stanley said credit card companies will look for ways to get their money back.

For example, he said they may charge merchants more, which will in turn drive up the cost of goods.

To learn more about the Credit CARD Act click here.