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Fifteen months after it was signed into law, the third and final phase of the Credit Card Accountability Responsibility and Disclosure (CARD) Act kicked into action this month. This round is mainly focused on fees, as what had been a $39 late payment fee is now capped at $25.

Under the new rules, the credit card company cannot charge a fee that is higher than the minimum missed payment.

"So for instance, if a minimum payment is $15 and you're late, they can only charge you $15," says Credit.com co-founder Adam Levin.

The same applies to over-the-limit fees, which now one has to opt into. Again, the fee is capped at $25, but cannot be more than the amount charged over the limit. If a user goes $100 over, that is a $25 fee, but if they limit is exceeded by $3, and the fee stops there.

"So if the Happy Meal puts you over the limit, and a portion of the Happy Meal -- not even the entire Happy Meal -- puts you over the limit, the fee can't exceed that portion of the Happy Meal that put you over the limit," says Levin.

There are exceptions to the new $25 rule. Consumers who make the same mistake within six months will see their fee can go up to $30. They could face a higher penalty if the bank can prove they lost more than $25 because of the consumer's action or inaction.

Still, Levin says this is all good news for the consumer.

"Of course, it's best to avoid all fees altogether, but if you're going to have to face a fee, $25 is more reasonable than $39," says Levin.

The new rules also reign in fees on gift cards, which in the past leaked value as they sat unused. Going forward, the law states that gift cards cannot expire for at least five years and cannot be subject to inactivity, dormancy or service fees, unless there has been no activity for one year.

The final component of this final phase addresses rate increases. If a card issuer raises a consumer's interest rate as a result of a missed payment, the company has to re-evaluate that decision every six months. If the problem was resolved, the issuer has 45 days to bring that rate back down.

Levin advises that if consumers have upheld their end of the bargain, then they need to follow up at the six-month mark to make sure the credit company is upholding its end of the deal.

"Every dollar that you're not paying for money is money in your pocket as opposed to their pocket, so it's in your interest as a consumer to actually take the proactive step and make the phone call," says Levin.