Win the Credit-Card Game

Here's what I recommend to combat all these moves.

• Watch for change: The government and the Federal Reserve are taking this seriously. Some major issuers such as Citigroup (C Quote) have "voluntarily" changed some of their practices. But legislation is likely on disclosure language, if nothing else. Also, it wouldn't hurt to let your legislators know where you stand.
• Read the fine print: You should know what your agreement says. I'd go a step further. Call a customer service agent and have them -- or their supervisor -- walk you through terms for interest rates and changes, grace periods, balance calculations and all fees.
• Pay your balance every month: And pay it as soon as you get your bill. This is far and away the most effective way to avoid traps.

Consumer anxiety and the threat of congressional action should give a wake-up call to card issuers. Some, like Citigroup, are visibly and publicly ending these practices; other big names are likely to follow suit.

And as for disclosure, it's time for clear terms. As the hearings unfolded, JP Morgan Chase (JPM Quote) announced a program to make rules "easier to understand."

It's nice to see steps in the right direction. But I'd like those steps to get bigger and faster. That's not too much to ask, is it?