I called my Credit Card Company and asked them some questions. If you carry a balance, you want to know the answers I got, Below the fold
On October 15th the law changes, and the Credit Card companies can charge 4% monthly instead of 2%. This will double your monthly payment.
I spoke with my Credit Card Company and found that yes indeed they are going to do that, based on your credit history.
Also I found out that they are going to send out flyers advising of the change.
Folks, if you Opt out of the new agreement, it closes your account so you can make no new charges. The interest rates remain the same as you currently have, if you have negotiated a lower rate for instance.
You do NOT have to pay your balance off to close the account. It remains under the current terms, so keep your eyes out for those flyers, and opt out if it will cause you problems to double your payment!
Not sure if other cards vary but you should check and find out!