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Today is Credit Card Act Day, the day when the long-awaited and much discussed changes to your credit card bills kick in.

Signed last May, with some parts slowly taking effect over the last few months, the full force of this law kicks in today.

Credit card companies began adjusting to the laws last fall, but you should still keep a close eye on your credit card statements over the next few months to hold the companies accountable and ensure they are following the law.

Most news outlets, including the Associated Press, are providing consumers with a full run down of the changes. Here’s a summary of the new laws, how they might affect you, and what you should keep in mind when exploring new cards.

More stable interest rates. Interest rates have not been capped, but there are more limits on how and when a card company may change your rates. If a card company is to change your rate, you must be given 45 days advance notice before it kicks. Also, the rate on existing balances can’t be raised unless you’re 60 days or more overdue. Previously, a card company could change the interest rate on past debts on short notice, leaving you stuck with a quickly ballooning bill. Now, if you don’t like the new rate you may cancel your card, and be responsible only for your old debt at the old rate.

Other changes: Interest rates can’t be raised during your first year of card ownership, and any rate hike must be reviewed every six months to see if it is still justified.

Fees capped and reduced. In response to credit cards that had higher fees than credit lines, service fees are capped at 25 percent of the credit limit during your first year with the card. This includes activation and annual fees.

You must also now opt-in to over-the-limit fees. Companies have long charged big fees when you exceed your credit limit under the guise of protecting you from the embarrassment of having your card declined. But many consumers never asked for this “protection.” Now, you’ll have to agree to these fees. However, be aware of fine print and pop-up agreements.

If you do agree, these fees may only be assessed once in a billing cycle, and they may only be triggered by purchases, not other fees or interest charges.

More notice. Your due dates must remain constant, and your statements must now be sent out 21 days before the due date. As stated above, you must be given at least 45 days notice of a rate increase on your card. Also, your statements will need to include information about how long it will take to pay off your credit card debt if you only make the minimum payment.