Just a couple of weeks ago, the President signed a set of credit card rules that will protect credit card users from many predatory tactics used by card issuers. For example, credit card issuers won’t be allowed to hike your rates on a short notice.

Though the rules aim to lower credit card costs, quite the opposite might happen. Many analysts expect credit card issuers will raise credit card costs to continue making profits. But, smart credit card users can keep paying little to nothing for the convenience of using credit cards. Here’s what you can do to be one of those people.

1) Don’t carry credit card debt.

Credit card companies make much of their money from revolvers – users who carry a balance beyond the grace period. If you pay your credit card bill in full each month, you won’t get charged interest and will wind up paying nothing for using credit. There’s one exception: cash advances generally have no grace period and begin accruing interest the money they’re taken out.

2) Look for lower interest rates.

Ideally, a high interest rate won’t matter because you pay your bill in full each month. But, I know there are some people who inevitably carry a balance. For those people, a low interest rate will help save on interest charges. If you have a good credit score and positive payment history, ask for a lower credit card interest rate or move your balances to a low rate card.

3) Pay on time.

Late credit card payments lead to late fees as high as $39. They also trigger interest rate increases on your balance. Fortunately, the new credit card rules ended the “universal default” practice in which credit card issuers raised your rates even when you were late on another card’s payment. But, you still face a higher rate on the credit card that was paid late.

4) Pay ahead of time.

If you try to make a phone or web payment on the day your payment is due, you could face a fee for the expedited payment. These payments typically range from $5 to $15 and can easily be avoided by paying your bill well ahead of time.

5) Check your balance and credit limit before spending.

Right now, credit card issuers aren’t required to notify you before lowering your credit card limit. Before you use your credit card, call the number on the back of your card to confirm your credit limit and available credit. That way, you avoid going over the limit and getting charged an over-the-limit fee.

6) Ask for the annual fee to be waived.

Annual fees were becoming an endangered species, but they’re expected make a comeback as credit card issuers work to sustain profits. If your credit card has an annual fee, call customer service and ask how you can reduce or eliminate the annual fee. Many credit card issuers will waive your rate if you’re a good credit card user.

7) Report lost or stolen credit cards immediately.

Federal law limits your liability for fraudulent charges, but the amount you’ll have to pay depends on how quickly you report a loss. If you report a lost or stolen credit card before any charges are made, you won’t be liable at all. However, if you wait, you could be responsible for up to $50 of charges.

But, Remember…

You don’t have to have a credit card. So if it seems like using a credit is too expensive, remember that cash is always free.