New credit card rules will be going into effect on Sunday that should have people paying less money on their purchases. These new rules will rid the country of the overly enthusiastic practices of charging extremely high fees for everything a credit card company can think up.

The rules have taken away the huge late fees and overdraft fees that have been associated with credit cards since they first went public. Now, instead of paying $39, you will get a reprieve and pay only $25 unless you are a chronic abuser of your cards.

New Regulations Equals Less Fees

Then there are certain fees, like the inactive fee, that have been banned outright. While this is good news for many, the best news is that you can only be charged for one fee at a time instead of getting nailed by multiple fees.

On top of the fee improvements, the companies must inform you as to why your interest rate is going up, and if yours deserves to go down, the credit card company must comply within 45 days. You will also start to notice that gift cards are looking more appealing as they are good for up to 5 years instead of 1 year now.