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The final provisions of the Credit Card Act OF 2009 takes effect this Sunday, completing the most comprehensive overhaul of the credit card industry in history.

More than a year after President Obama signed into law, the final provisions of the Credit Card Act, which is aimed at providing consumers with more disclosure and protection against unfair practices, are about to kick in.

Nick Bourke with the Pew Safe Credit Cards Project says starting August 22nd, consumers can expect to see more reasonable and proportional penalty fees. And in most cases, issuers won't be able to impose a fee higher than the amount of the violation.

Most late fees and over-limit fees go to a maximum of $25 or $35 for the second violation in six months, which marks a change according to Pews research, which states that most penalty fees on credit cards are about $39 right now. Fees for not using your card will also be eliminated

And any interest rate increases imposed since January of last year must be reviewed by issuers every six months and considered for a rate reduction, but at the issuers discretion.

Unfortunately there are no guarantees and the Federal Reserve left it pretty open ended. Bourke says the credit card act which has taken effect in stages has benefited millions of consumers, but the law isn't perfect.

It may take a while for some consumers to see changes and getting a credit card may not be so easy. and if you're really delinquent with your payments, you can still get hit with a doubling or tripling of your credit card interest rate.

Also taking effect August 22nd, are new rules on gift cards. Starting Sunday, card issuers will have to keep gift cards active for at least five years.