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The eatery is one of a small but slowly growing number of businesses across the country that accepts credit cards or debit cards only. No cash. The primary reason: Electronic payments save time and eliminate many of the headaches associated with counting, handling and securing cash, said Hatfield and others.

Under the proposal rule changes, they must also give 45 days' prior notice before increasing your interest rate because of delinquency or default. The board argues that with more notice, consumers will have more time to explore other credit options. Any changes in terms included on monthly statements must be disclosed in a table format rather than buried in the fine print.

A proposed change to Regulation Z will end the current practice of allowing card issuers to advertise "fixed" rates that can change whenever the issuers feel like it. Currently, issuers can offer a "fixed" rate credit card -- and change the rate 15 days later or "at any time for any reason." Under the proposal, the term "fixed" will have meaning: If no time period is specified, the rate will remain fixed as long as the account is open and payments are kept current.

That won't do under the proposed disclosure rules. Regulators found that "many consumers did not notice the information about penalty pricing when it was disclosed outside the table." The proposal dictates such disclosures be included inside a table. The new disclosure also uses the words "Penalty APR." That's because "testing demonstrated that some consumers are confused by the term 'default rate.' "

The Federal Reserve's proposed fee disclosure table puts every fee in its own table, one with a large banner. Immediately below the banner, are separate boxes, each with a bold-faced label: Annual fee, Transaction fees, Penalty fees and Other fees. Further, the proposed fee disclosure contains some critical information that current disclosures may bury or omit.

According to regulators: "Consumer testing also indicates that consumers may not typically read their account agreements, which are often in small print and dense prose. Thus, setting apart the most important terms in a summary table will better ensure that consumers are aware of those terms."

There are currently no rules requiring creditors to disclose repayment terms in the ads. The Fed wants to change that. Regulation Z revisions would require all advertisements for these credit plans to give equal prominence to the minimum payment as well as the amount of time required to pay off the balance and the total amount of the payments if consumers pay only the minimum monthly installments.

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