These Credit Card Changes Will Help Protect You

Has your teenager or college student been tempted by credit card solicitations? The Credit Card Act of 2009 will put an end to that. Effective February 22, 2010, these new rules will limit marketing and issuing credit cards to young people:

 Companies will not be allowed to issue a credit card to a consumer younger than 21 unless he or she has a co-signer over 21 or can show proof that they have the means to repay the card debt.

 Pre-screened credit offers must not be sent to anyone under 21.

 Companies are banned from offering gifts (such as pizzas or t-shirts) to induce college students to apply for credit cards on or near campus.

 Colleges, universities and alumni organizations will have to annually disclose the terms of any marketing or promotional agreements they make with credit card companies. Additionally, Congress urges colleges to require that students receive credit and debt management courses as a part of new student orientation.