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Protect yourself from credit card companies

Tuesday Jan 12, 2010

Let me take you to school for a second, because, hey, that’s where everyone wishes they were right now anyway. With the latest ‘overhaul’ in credit card protections for consumers, do you know how you’re affected? Probably not. I have a hard time understanding it myself. But, let’s focus on a concern of the 18-24 set of college students, grad students, recently graduated and more than likely, unemployed: CREDIT CARDS.

Students are a big draw for credit card companies. They look to us as new business. We don’t have the best experience in using student credit cards and can provide more revenue to credit card companies via APR rates or late fees. We’re used to seeing people walking around our campuses offering pizza coupons or free t-shirts or some other free crap for signing up for a student credit card. Thankfully, no more. Many universities have put a stop to this practice labeling it predatory because many students do not understand the terms of the student credit card from company XYZ. Enter the latest overhaul in credit card protection. Universities saw the need to protect students years ago from predatory credit card practices. It leads one to wonder if it wasn’t for the economic meltdown if such an ‘overhaul’ would have ever occurred.

My point, in this short amount of space I have, is to go out and learn about the latest round of credit card reform to know where you stand. Even having a rudimentary knowledge of this legislation can benefit you greatly down the road and give you a leg up with your credit card and maybe even negotiating with a credit card company down the line. You never know.

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