The big sweeping credit card reform CARD ACT is finally upon us.  Well the credit card industry has been hard at work figuring out how to maintain their profitability in spite of this new legislation.  There are several things worth noting in this new era of regulation for the credit card industry.

First, the good news:

Among other things, it will eliminate some of the more egregious practices of the past like so-called "double-cycle billing," arbitrary rate increases and hefty fees for exceeding your credit limit.

One of the biggest victories for consumers in the new law are a series of limits on how and when credit card companies can set interest rates.

Now the bad news:

Higher Fees

You could suddenly find yourself socked with a variety of new fees and charges.

Banks and other card issuers have already been aggressively implementing new fees or raising existing ones to help make up for any potential revenue lost as a result of the CARD Act.

Last May, for example, Discover Financial Services announced it would start charging a 2% fee on all purchases made outside the United States.

And whereas 3% was once the standard charge for rolling over a balance from one credit card to another, many issuers are now charging 5% or more.

But with the new law setting no restrictions on the types of fees issuers can implement, consumers should pay particularly close attention to the "Terms and Conditions" section of their statement so they know exactly what they are being charged for, warn experts.

Fewer Rewards

Consumers may also be increasingly unable to enjoy the fruits of their spending as a result of the new law.  It wasn't that long ago where a cardholder could easily earn credit towards a free airline ticket or cash back for every dollar spent. But issuers are now quietly becoming more stingy with their rewards in an effort to save money. American Express, for example, recently told its co-branded card customers they would not be able to accrue reward points on their purchases if they were late with a payment. Only by paying a $29 fee could they recoup those points.

Rising Rates

Whereas in the past, banks could raise your annual percentage rate just for missing a payment on your cell phone bill or without giving a consumer much advance notice, such practices will soon be outlawed. Issuers now have to alert you at least 45 days in advance before raising your rate under the CARD Act.

The new law won't shield consumers from rate hikes altogether, though.

In recent months, banks have moved consumers over to so-called variable rate cards, whose rates fluctuate based on the direction of the prime rate. And with that rate at historic lows, experts said consumers should be prepared for at least a moderate increase in their APR at some point. The new law also does not include any sort of interest rate cap banks and issuers can charge customers that are late on their payment by two months or more. Credit card companies may remain reluctant to impose any usurious rates ahead of a review of penalty rates and fees by the Federal Reserve scheduled for later this year and given the public discontent for banks these days.