So, if you’re reading this, it’s a pretty good bet that you’ve heard that you should pay more than the minimum monthly balance on your credit card debt.

Well, what you may not realize is that advise is now more relevant than ever. The credit card reforms that went into play this year make it possible for those of us with credit card debt to save a lot of money and hopefully get out of debt faster – if we abide by the rule and pay more than the minimum. In fact – the Center for Responsible Lending says that the reform will save about $2 for every dollar you pay above the minimum. Pretty sweet, huh?Here are the Center for Responsible Lending’s four tips for cardholders:

1. Pay above the minimum amount due! Paying more than the minimum can save you as much as $2 for every extra $1 you pay. For example, before the CARD Act, paying $100 extra could save you $164 in interest charges, but now that same payment amount can save you $224.

2. Continue to watch out for hair-trigger penalty rates. Issuers can still raise your interest rates on new balances for the slightest reason. It is particularly important to pay above the minimum if you get hit with a penalty rate. Doubling your payment could cut your interest charges over the following four years by more than half.

3. Don’t opt in to over-the-limit coverage. Over-the-limit coverage is a bad deal because it means that if you go above your limit, the credit card company will extend you additional credit at an exorbitant cost automatically — as much as 4,215% APR (annual percentage rate) – instead of rejecting your card. A better option would be to call your issuer to see if you can have your limit raised, or apply for additional credit elsewhere.

4. Avoid arbitration clauses in credit card contracts. Protect your rights. There are now more card options without arbitration clauses and you should ask your credit card company for one. Forced arbitration requires the borrower to resolve any dispute with an arbitrator, not in court. Research shows decisions in arbitration favor card issuers, rarely the wronged borrower.