The Conversation: Credit Card Bill of Rights 101

VIDEO: Diane Sawyer and Anya Kamenetz chat about what credit card laws have

The new credit card consumers bill of rights, signed into law by President Obama, takes effect today. Its goal is to give consumers more protection against credit card policies.The measure mandates that credit card companies need to give 45 days' notice before an increase in interest rates. It also puts more restrictions on issuing credit cards to students.

In today's Conversation with Diane Sawyer, finance writer Anya Kamenetz explains these rights. Which will help the average consumer the most? Have credit card companies already found new ways around these rules? And what card deals should consumers stay wary of?

If you have questions about your own credit cards, tune in to today's Conversation to get the answers.