Credit cards A review of the facts
Right now, credit cards usually allow you to exceed your credit limit, but charge you $35 or more per charge over the limit, letting you accrue substantial fees without realizing it. After February 2010, you will not be able to go over your credit limit unless you have given permission for the credit card company to let you do so, cutting back on the number of nasty surprises in your monthly statements. * No one under 21 will be able to sign up for credit cards without a cosigner who is over 21, unless the person under 21 can provide proof that he or she makes enough money to repay the proposed line of credit. Companies will not be allowed to market credit cards to them via mail unless they have opted to receive card offers, and credit card companies that advertise on campus will not be allowed to offer gimmes to tempt students to sign up for new credit cards. There are even more changes coming, both large and small.