smart money strategies
The CARD Act of 2010
The Credit Card Accountability, Responsibility, and Disclosure Act (CARD) was passed to provide increased consumer protection. This law covers things your credit card company must tell you about your account and makes credit card statements more user-friendly. It also includes several provisions that affect young consumers. Which of these apply if you’re under 21 years of age?
- You can no longer sign up for a credit card.
- You can now qualify for credit cards with high credit limits.
- You have to show proof of income or have a co-signer to open a credit card account.
“C” is correct. If you have a co-signer, such as your parent, you must obtain his/her written approval to increase your credit limit. Rules also restrict how credit card companies now market on college campuses.