Credit Card Information
Credit Cards
Credit CARD Act Provides Protection for Young Consumers
(03/26/2010) For years, college students served as a target market for credit card companies. Freebies such as pizza, t-shirts, and other catchy paraphernalia were used on college campuses to attract young consumers, many under the age of 21, persuading them to apply for credit. The Credit CARD Act of 2009 offers fair rules and protection for all consumers, even the ones of the younger generation.
Free pizza, t-shirts, and other incentives are a thing of the past as the CARD Act prohibits the use of this marketing approach within 1,000 feet of a college campus. The Federal Reserve Board now requires credit card issuers to file annual reports revealing the details of any and all contracts signed with colleges and universities, including dollar amounts paid to each establishment. New student orientation will now include a debt management category and schools are urged to place limitations on the number of credit card marketing events held on college campuses.
Credit cards are banned for consumers under the age of 21 with the exception of those who are able to show proof that the debt can be repaid or those who have an adult co-signer. The CARD Act does not allow prescreened credit card offers to be sent to consumers under the age of 21.
To find a card to co-sign with your teen or college student, or to shop for a credit card for yourself, visit sites such as ERATE.com to review a list of today's most competitive credit card rates.
Follow the link to continue reading the related articles.
Identity theft tops consumer complaint list, 'imposter scams' debut
Consumers want financial protection agency
More Problems for Banks Seen Looming on the Horizon
- Feds Clamp Down on Credit Card Abuses
- Credit Card Rules Begin to Change; Issuers Slash and Burn
- Credit Card Conflict: Banks vs Consumers
- Banks Charging Customers for NOT Using Credit Cards
- Secured Credit Card Shopping Tips
- Credit Card Accountability Responsibilty & Disclosure Act - CARD Act
- Consumer Financing Shifts to Credit Cards
- Credit Card Default: The Next Wave?
- Overdraft Fee Rule - Money Maker for Banks
- Credit Card Reform Ready to Take Effect
- The Pros & Cons of Credit Card Reform
- Credit CARD Act Provides Protection for Young Consumers
- Credit cards more transparent, but problems remain
- CARD Act eases fear of plastic
- Banks winning overdraft fee war, consumers losing billions
- Now checking account banks pull the wool over your eyes
- Check out high-yield checking, ring up more returns
- Debit Cards vs Credit Cards
- New plastic doesn't have to melt down your credit score
- Credit Cards vs Debit Cards
- Debit card overdraft fee APRs soar higher than 3,000 percent