College students better grab those super-cool freebies while they can. The Credit CARD Act of 2009, which is set to take effect Feb. 22, will restrict credit card companies ability to market cards on school campuses to anyone below the age of 21, with free hand-outs such as t-shirts, bags and other commodities just for signing up, reports CreditCards.com.
Also under the law, jobless students will no longer be able to obtain a credit card without a co-signature from their mother or father. And to prevent pre-approved offers for student credit cards, credit card companies will no longer be able to obtain credit reports of those less than 21-years-old.
While these are only a few of the many provisions in the Act, these seem geared more towards protecting students’ credit history by ensuring their decision to obtain a credit card is for the right reason (if there is one) and not because companies are providing on free offers and false promises.
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And to see more provisions under the Credit CARD Act visit here.