New Credit Card Law: A Double Standard for Students?

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The Credit Card Accountability, Responsibility and Disclosure Act of 2009—more commonly known as the CARD Act—took effect yesterday. And it’s not necessarily good news for college students.

As reported by Consumerism Commentary, “Any customers under 21 years of age must have a co-signer if they want accounts in their own names or show proof of income. Also, credit card marketers cannot use free gifts to lure college students to sign up within 1,000 feet of a campus.”

It seems unfair to us that 20-year-olds are forced to meet certain requirements that 22-year-olds don’t have to. Why shouldn’t everyone have to show “proof of income” for that matter?

If you want to learn more about the CARD Act, you’re in luck. We’ve covered it extensively. You can find most of those articles here.

Be sure to take a look at our pieces on Overlooked Rules in the Credit Card Reform Act, Good Credit Practices for Teens and A Reform-Friendly Credit Card.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

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