New Rules for Credit on Campus

What's Hot

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

Report: Walmart to Begin Selling CarsCars

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Trump Scraps FHA Rate Cut — What Does It Mean for You?Borrow

This Free Software Brings Old Laptops Back to LifeMore

10 Overlooked Expenses That Ruin Your BudgetFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

8 Creative Ways to Clear ClutterAround The House

8 Tuition-Free U.S. CollegesCollege

Study: People Who Curse Are More HonestFamily

Tax Hacks 2017: Don’t Miss These 16 Often-Overlooked Tax BreaksTaxes

The 3 Golden Rules of Lending to Friends and FamilyBorrow

Porta-Potties for Presidential Inauguration Cause a StinkFamily

12 Surprising Ways to Wreck Your Credit ScoreBorrow

These Are the 25 Best Jobs in the U.S.Jobs & Work

A new law will make it harder for credit card companies to market to college students.

According to student lender Sallie Mae, 30% of college students put at least some of their tuition costs on credit cards. And only about 17% pay off their balance monthly. Average balance? $1,600.

But soon the rules for credit cards for anyone under 21 are going to be changing. So if you’ve got a college kid, you really need to be taking notes.

Courtesy of the Credit Card Act of 2009, kids under 21 without proof of income will need a cosigner to get a credit card.

For parents, that means they’re putting their credit rating on the line when they allow their student to use it… or abuse it.

Another change in the rules says that credit card companies can no longer offer T-shirts or other gifts to get kids to sign up for cards… at least, not on campus.

These new rules don’t take affect until February. So if you like the idea of your kid having a credit card, but don’t like the idea of having to co-sign for it, best you have them apply before then.

College kids can study cards online at any number of comparison sites. And before selecting one, they should. It makes for a good lesson in real life… and an early opportunity to avoid the school of hard knocks.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 6 Presidents Day Sales You Should Know About

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,841 more deals!