In anticipation of the Credit Card Act, banks are sending out notices filled with small print that spell out big changes and a consumer advocates urges people to read every line.
"We are talking serious money, people need to pay attention," warns consumer advocate Todd Mark.
Marks said the letters are warnings that interest rates are going up and credit limits are going down.
It's all information consumers need to be aware of, he said.
"Here we are, just a few days left in the holiday shopping season, imagine if you think you have another few thousand to spend and that credit line is gone," he said.
Come February, new federal laws will put strict restrictions on when banks can raise interest rates on credit cards.
"They're pushing everything in ahead of time so that means increased interest rates, reduced credit lines and (in) some cases even a new annual fee," Mark said.
He said some credit cards are now charging anywhere from $50 to $100 for the privilege to carry their card, and until now, they hadn't been charging anything but interest.