I'm 18 and Already Have A Credit Card. Does The February 2010 Credit Card Act Apply To Me?
by Author on Saturday, August 28th, 2010 | 3 Comments
I know in Feb. 2010 a credit card act will restrict anyone under 21 for a credit card unless they have a co-signer. If I already have a credit card, then would this act still apply to me?
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No, it won’t affect your existing credit card. However, if you try to open a new credit card, you will have to deal with it.
Only applies to new applications on feb 1 2010 12:01am
They do not have to close the account because of it; however, other regulatory changes may apply. Keep in mind that a credit card lender can ALWAYS close an account at it’s option.