The credit card industry will undergo its most sweeping overhaul in history when new regulations kick in next month.

The new rules coming Feb. 22 don't go so far as to prevent card issuers from raising your interest rate. But there are many things for consumers to applaud.

Fees for breaching credit limits, for example, will no longer be forced on consumers. Payments will be applied to balances in a way that limitsinterest paid. Interest rates won't go up in the first year an account is opened, with a few exceptions. And when rates do rise, higher rates generally will apply to new transactions, not to outstanding balances. Statements, too, will be redesigned to help you manage finances better.

The Federal Reserve released more than 1,100 pages of final regulations last week.

One of the biggest wins for consumers: High-rate debt will be paid down first.

A credit card can carry different interest rates. You can have a low rate for balance transfers, a higher one for new purchases and an even steeper rate for cash advances. Card issuers typically apply payments to the lowest-rate debt first, which means it will take longer to erase a balance, and you'll end up paying more in interest.

The new rules reverse that. Any payments you make above the minimum will go to the highest-rate debt first.

Over-the-limit fees also are gone, unless you sign up in advance for a service where the card company will cover transactions that exceed your limit for a fee. If you don't sign up, your card could be rejected if you hit your limit. But that might be better than getting hit with a $39 fee.

Card companies also will have to judge whether a consumer can make payments before issuing a new card or raising a credit limit.

In the past, they raised limits without asking. "For many consumers, it added a temptation they couldn't afford," said Linda Sherry, a spokeswoman with Consumer Action. But Sherry said she's concerned consumers won't have access to the information that creditors will use to make these decisions and won't be able to check the accuracy.

To help with budgeting, your payment due date will be the same each month. Statements will spell out the consequences of only paying the minimum and show how much you need to pay each month to eliminate the debt in three years. The statement also will include a phone number to find legitimate credit counselors.

Issuers still will be able to raise rates, but they must overcome more hurdles to do so.

The interest rate cannot be raised in the first year that you opened the account. Some exceptions: Your rate can go up if you have a variable-rate card whose rate is linked to an index that's rising. Your rate can jump if you are more than 60 days late with minimum payments. And promotional rates must last at least six months but can rise after that.

Yet even if a card issuer raises your rate for late payments, you will be able to earn a reprieve. Make six months' worth of on-time payments after the rate increase, and the issuer will have to give you back the old rate.

Consumer advocates didn't get everything they wanted.

"It's just the beginning, and much more needs to be done," said Pamela Banks, senior policy counsel for Consumers Union.

Federal regulators, for instance, didn't set an interest rate cap. And card issuers still can cancel cards or reduce credit limits without advance notice - they argued that high-risk customers would rack up balances if they knew their credit was going to be cut off.

But issuers aren't entirely happy, either.

Ken Clayton, a senior vice president with the American Bankers Association, said the new rules will curb issuers' ability to set terms based on a customer's risk profile, so that risky customers receive less generous terms. The result, he warned, is that all consumers might see higher interest rates, fewer services or more fees. In fact, that has been happening already in anticipation of reforms.

Some credit experts say they don't like the new limits on young adults under age 21. The new rules will prevent them from getting a credit card unless they have a co-signer or can prove they can make the payments, basically treating them like older adults who don't have a job but want credit.

But some argue this rule penalizes responsible young adults who might not have a co-signer yet need a card for emergencies. "You can fight a war at 18, but you can't get a credit card," said Greg McBride, senior financial analyst with Bankrate.com.