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Student credit cards and young credit

Students wary of new law restricting their access to credit cards

Summary

Young adults will see their access to credit due restricted more than anyone else due to the Credit CARD Act of 2009.

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For years, credit card issuers have lavished attention on students. As potentially lucrative lifetime customers, they were courted — throughout the campus and especially near the football stadium — with T-shirts and pizzas and hats, for which many eagerly filled out credit card applications.

Those rules changed for good with the passage of credit card reform in May 2009. No longer the most coveted credit card consumers, students and all adults under 21 instead will see their access to credit restricted — no credit cards without proof of income or a co-signer — beginning in February 2010, when the new law kicks in. That makes the autumn of 2009 the last hurrah for card issuers under the old, unrestricted rules.

Big changes on campus: Students meet credit card reform

See related:A comprehensive guide to the Credit CARD Act of 2009

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What’s up next?

In Student credit cards and young credit

University of Texas students differ on new credit card law’s worth

Opinions on the new credit law varied among University of Texas students. Co-signers shouldn’t be needed, some say, though others applauded the new law’s restrictions, saying it would make students more responsible.

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