New credit card regulations, including new rules aimed at protecting college-age individuals, went into effect Monday.

According to a fact sheet release by the Senate Banking Committee, the regulations will save cardholders money and protect students from predatory practices of some credit card companies.

“For applicants under 21, credit card companies will be required to obtain an application that contains the signature of a parent or guardian or information showing that the applicant has the financial resources to repay the debt,” the sheet states. “Card companies will be prohibited from offering free gifts in exchange for credit card applications on college campuses, cracking down on misleading marketing tactics.”

The regulations also protect against “interest rate hikes on existing balances will be prohibited unless the cardholder is more than 60 days late in making a payment” and other unexpected interest rate increases. Credit card companies will be required to clearly display due dates, late payment penalties and credit card agreements on their Web sites.

The New York Times has more on the changes here.