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The impact of CARD act on student credit cards

[Tuesday, February 15th, 2011]

The implementation of the CARD Act 2009, received mixed response. While some consumers felt that the new rules and regulations worked in their favor, there were many others who felt that these new rules only added to their woes. Despite these mixed views, many were in agreement with one aspect – the rules that governed student credit cards.

It was not so long ago that banks and many other financial institutes attracted college students with freebies in return for filling their credit card application forms. It was the use of these tactics that saw the fall of the economy. Since then however, these financial institutes seemed to have learned a lesson and the CARD Act serves as a proof for this fact.

With the introduction of the CARD Act guidelines, bank representatives can no longer offer credit cards at educational institutions. Neither are they allowed to influence the minds of these young ones with free offers. There are specific terms and conditions governing students below 21, whom are looking to obtain credit cards. These students need to have either of their parents or guardians as the co-signer. Not having a co-signor, they will have to show sufficient proof of income and their ability to repay their debts before filling out the application form. While these rules have definitely tightened the noose for the banks, there are still loopholes that the banks are exploiting to get students to sign up for their credit cards.

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