New rules for credit cards will be kicking in less than a month from now, as legislation for fairer industry practices finally begins. These new rules may change the terms on your existing credit cards, so the most important thing to do to prevent being surprised by unnecessary fees or changes in rates is to seek out information on how the new legislation will affect you. Don’t stop reading if you have a great credit history and amazing FICO score, you may be affected as well.  Five smart things to do before the the law sets in can be found here, here are a couple of the more salient points.

1) Don’t Get New Cards Until Feb 22- Under the new law, new accounts (after Feb 22) will be protected from interest rates increases for the first year. Since credit card companies will be adapting to the new reform laws, this may mean better deals and exploding offers for people who have good credit histories.

2) Consider Switching to Lower APRs- Although there is a cost of 3-4 percent of the amount transferred, doing a balance transfer from a higher interest rate account to one with a lower APR can save big bucks. In the current economic climate, issuers are offering balance transfer of at least a year to customers with good credit histories. Keep in mind to check what the new interest rate will be after the promo period is over. If the rate ends up being higher or only a bit lower, it may not be worth switching.

3) Under 21 and want a credit card? You’ve got til Feb 22- Young responsible adults hoping to build a good credit history may want to get a card before the new law goes into effect, since under the law, an adult (over 21) co-signer will be required for applicants who are under 21.

Some things don’t change with the new law, such as the consumer’s responsibility to pay on time in order to build up a good credit history.