CARD CARD Act Brings Change to the World of Credit Cards
You’ve likely heard about credit changes coming your way. A new law—The CARD Act—forces card issuers to show young adults (younger than 21) the big picture.
February 22, 2010
▪ Cards can’t be issued without an adult co-signer unless cardholder can prove means to repay the debt.
▪ Credit limits can’t be increased without considering the ability of the borrower to make required payments.
▪ Card issuers are not allowed to offer tangible items or inducement for applications on or near campus at college-sponsored events. What this means to you If you’re younger than age 21 you’ll need a co-signer if you want a credit card unless you have a steady source of income. SIU Credit Union still is the best place to shop for a credit card—with your parents’ approval, of course. For more information our our credit cards, visit our our Visa Page.
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