The credit card reform act has passed Congress and will now go off to President Obama to be signed into law. Clark calls this a sweeping victory for the American people. (Editor's note: This has since been signed into law and will go into effect at the end of February 2010.) But what exactly does it mean to you? Here are some highlights:

• 45 days notice will be required to raise the interest rate on future purchases.
• Bills must mail to you no later than 21 days before the due date.
• The new daily cutoff for a lender to receive payment via the mail is 5 p.m.
• Payments must be applied to your highest interest rate if you have multiple open accounts.
• It will be illegal for a bank to let a transaction run when they know you'll go over your limit -- unless you give them written permission to do so.
• Teenagers can no longer apply for a credit card unless a parent expressly signs as guarantor on that account. Certain waivers apply for economically independent teens.
• Sellers of debit gift cards must clearly disclose the rip-off fees that are passed on to the user. Such cards will now have a 5-year lifespan.