Tips for Parents
Credit Card Protection for Underage Consumers
The Federal Reserve's new rules for credit card companies went into effect on February 22, 2010. There are specific protections for underage consumers within these rules. For example:
- Those who are under 21 will need to show that they are able to make payments or will need a cosigner, in order to open a credit card account
- Those under age 21 who have a card with a cosigner and want an increase in the credit limit must have their cosigner agree in writing to the increase
For more on the new credit card rules, head to www.federalreserve.gov.
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