The new Card Act will make it more difficult for anyone under 21 to obtain a credit card.
By Meredith Coulter
Posted 3:27 PM Feb. 23, 2010
Credit card companies are facing new, tougher federal laws that congress says will help consumers save money and understand the cards' requirements. But it could also make it harder for young people to get one.
"There were a lot of college students that would go and sign up just to get the free gift, and then you'd ask them, do you know what the interest rate it? And they wouldn't know. You'd ask them what the annual fee is, they'd say I don't know," said We.
Proponents say the card act will give consumers more protection and fewer fees.