The Fed’s rule also adds restrictions on giving credit cards to consumers under the age of 21. It will limit fees for subprime credit cards, or those issued to consumers with lower credit scores, according to a statement from the Fed today. The new credit card law, signed in May, is being implemented in three stages. Today’s rule from the Fed implements the provisions of the legislation that will take effect Feb. 22. The first parts of the law, giving consumers the right to reject rate increases within 45 days and pay off balances at the current rate, took effect Aug. 20, 2009. Companies also began mailing bills 21 days before the due date, up from 14 previously. Remaining provisions are scheduled to go into effect Aug. 22, 2010.