Sweeping changes in credit card legislation take effect next week (Feb. 22). Here’s a quick rundown of some of the changes you can expect:

• Banks can’t raise interest rates on existing credit card balances unless a promotional rate ends, you’ve been late with a payment, or the card has a variable rate.
• Interest on new balances can only be increased after 12 months if the promotional rate ends or payments are 60 days late.
• You must have the right to “opt out” of major changes to your credit card terms. Opting out closes the account but you have five years to repay your debt at the current interest rate and terms.
• Banks can only sign up people under 21 for credit cards if they have an adult co-signer or can prove they have enough income to pay bills.
• You must receive your statement at least 21 days before payment is due.
• Credit card statements must clearly show the date and time your payment is due. The time must be no earlier than 5 p.m. on the due date.
• Statements must explain how long it would take to pay off your balance by making only the minimum payments.

Pay close attention to the fine print in credit card offers to become familiar with the terms and conditions. Also read your statements on existing accounts carefully to understand any changes; think twice before signing up for credit card offers, such as cash advances, related to existing accounts.

Competitive credit card offers from banks can be tough to find these days. But if you’re into rewards programs, the Chase Sapphire credit card offers 10,000 bonus points after your first purchase or use of the account. Here are some of the details:

• No annual fee
• Earn one point per dollar spent
• Earn up to 10 bonus points per dollar when shopping at over 300 merchants featured at the Ultimate Rewards Mall
• Earn double points on airfares booked through the Travel Booking Tool
• 10,000 bonus points can be used for a $100 gift card

The credit card can be used to get cash at more than 1 million ATMS at banks and other locations. There are daily and transaction limits at ATMs.

The one-time bonus offer is only good for first-time cardmembers. It takes six to eight weeks for the bonus points to post to your account after the qualifying transaction.

There is no pre-set spending limit with the Chase Sapphire credit card. Charges that exceed the revolving credit access line are evaluated based on your account history and track record with other creditors. Chase has the right to decline a transaction at any time for any reason.

The credit card offers other benefits that include trip cancellation insurance, travel accident insurance, and lost luggage reimbursement.

If you think you’re paying a lot of interest on your credit card, it may not be as bad as one being offered by First Premier Bank. The Sioux Falls, S.D.-based bank  recently sent a mailing to a potential customer for a pre-approved credit card that offers 79.9% interest and a $300 limit, according to WKYC.com.

Credit card offers with interest rates that high don’t seem to be that common. But such offers from banks are usually targeted at people struggling with their credit. Gordon Hageman, who received the offer, said he doesn’t have the best credit but didn’t think it was that bad. He discovered the high interest rate when reading through the terms of the offer.

In addition to the high interest, First Premier Bank credit card offers can have up to $180 in start up fees, according to Consumer Affairs. Those fees include:

• A $29 set-up fee
• $95 program fee
• $48 annual fee
• $72 participation fee

An important lesson to learn from this situation is to always read through all the terms of any credit card offers you receive from banks. The terms should break down all fees, interest rates, and other features of an account. Also look for information on the grace period for payments and how interest is calculated.