Does the new rules for credit card companys affect me being able to buy online

betagame · 30-09-2009

I saw the news and I heard Congress's new rules came into effect today. They were written in March. I heard that people under 21 could not apply for a credit card and had to prove that would not overspend. IDK about new rules for Prepaids. So I'm wondering if there are changes that would make us teens not be able to buy diapers online.

angelabauer · 30-09-2009

Quote:

Originally Posted by betagame

I saw the news and I heard Congress's new rules came into effect today. They were written in March. I heard that people under 21 could not apply for a credit card and had to prove that would not overspend. IDK about new rules for Prepaids. So I'm wondering if there are changes that would make us teens not be able to buy diapers online.

You will need to read the information of each credit card provider. Bottom line is that at 15 you cannot sign a legal contract anywhere in the USA. In most jurisdictions within the USA people of 18 and older can sign legal contracts, but cannot purchase alcohol. Right now it is uncertain if the new Federal regulations mean "legal adult" or actually 21 and older. My clients are waiting for clarification. At this moment there is a mass of confusion.

babymick21 · 30-09-2009

It was my understanding that you had to be 18 to get a credit card before anyway...the only way for a 15 year old to get one was to have their parent's cosign.

The new rules doesn't mean that you can't use a credit card, it just means that you can't get one until you're 21 unless you have a parent. Also, they won't take away any from people under 21 that already have them.

My "educated" guesses on what's going on...

ShippoFox · 30-09-2009

Quote:

IDK about new rules for Prepaids.

I am only guessing, but I don't think the new laws will affect gift cards (like visa gift cards). I think it's just for credit cards. Anyone can use a gift card.

link · 30-09-2009

I applied for my credit card 4 days ago. Hurray for luck! They said I'd get it within the week, and I'm hoping this new rule won't make them take it away. Doubt it though.

willnotwill · 30-09-2009

No, the law is that you have to show you have an income under 21. The idea is to stop card issuers from giving out cards to college students (who ought to know better). If you've got some sort of job to put on the application, it ought to be ok.

**Peachy** · 30-09-2009

Prepaid cards should not be affected, as they are not credit cards. You pay (in cash, presumably) an amount up-front to Visa/Mastercards, and in turn they give you a card with the same amount you can spend via the Visa/Mastercards system. Once the amount of the card has been spent, the card becomes a worthless piece of plastic. You cannot, in any way, shape or form, incur a debt on a gift card, so the law should not affect gift cards that operate over the VISA/Mastercard system. But then, I'm trying to apply common sense to American law...it's bound to fail!

Oh, and you should remember that VISA and Mastercard are just payment processing companies - they just send money from one partner to another partner. They don't give out loans by themselves - those loans are underwritten by banks. So just because a card carries a VISA/Mastercard logo doesn't mean there's any kind of loan involved, it just means that VISA or Mastercard, respectively are responsible for processing the payment.

Peachy

ballucanb · 30-09-2009

The only changes I see in my credit cards is so far just about all of them raised the interst rates, and lowered reward programs, I used to get 5% cash back on all purchases and now they want to give me 2%.

The interst rate really does not effect me, I pay my card off every month, I use it for gas and lunch instead of carrying cash, if they screw around and start charging for the use or a membership I shred the card.

I will use a card as long as it dosn't cost me anything for the use of the card.

bsmall · 30-09-2009

Just be careful applying for more cards if they do charge you. When places check your credit score for these cards its recorded and they see how many times other places have inquired about your credit. You don't want to rack this score up by applying for more and canceling old ones on a regular basis.

link · 01-10-2009

My credit card just came in the mail. I'm probably just going to use it for gas because I don't buy anything else. I got it just so I could build up some credit.

30-09-2009	#1 (permalink)
betagame Regular Join Date: Feb 2008 Location: Bay Area Age: 16 Posts: 708 Threads: 141 Gallery Uploads: 2 Wiki Edits: 208 Blog Entries: 7 Reputation: 4	Does the new rules for credit card companys affect me being able to buy online I saw the news and I heard Congress's new rules came into effect today. They were written in March. I heard that people under 21 could not apply for a credit card and had to prove that would not overspend. IDK about new rules for Prepaids. So I'm wondering if there are changes that would make us teens not be able to buy diapers online.

30-09-2009	#7 (permalink)
Peachy Leaves are falling Join Date: Jan 2008 Location: Bremen, Germany Age: 32 Posts: 4,688 Threads: 97 Gallery Uploads: 48 Wiki Edits: 12 Blog Entries: 13 Reputation: 145	Prepaid cards should not be affected, as they are not credit cards. You pay (in cash, presumably) an amount up-front to Visa/Mastercards, and in turn they give you a card with the same amount you can spend via the Visa/Mastercards system. Once the amount of the card has been spent, the card becomes a worthless piece of plastic. You cannot, in any way, shape or form, incur a debt on a gift card, so the law should not affect gift cards that operate over the VISA/Mastercard system. But then, I'm trying to apply common sense to American law...it's bound to fail! Oh, and you should remember that VISA and Mastercard are just payment processing companies - they just send money from one partner to another partner. They don't give out loans by themselves - those loans are underwritten by banks. So just because a card carries a VISA/Mastercard logo doesn't mean there's any kind of loan involved, it just means that VISA or Mastercard, respectively are responsible for processing the payment. Peachy __________________ A is like an apple with extra carpeting! Adopted users and furs : Littletiger, Jeffy, MrMacro, Mazza, RubixFox, Takashi, baseball4life, Yumi, mzkkbprmt (as a 2yo), EpicPie to my kindergarten Award winning fruit (2 years in a row!)

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30-09-2009	#3 (permalink)
babymick21 Regular Join Date: Dec 2008 Location: Cambridge, Ontario Age: 27 Posts: 358 Threads: 8 Gallery Uploads: 2 Reputation: 5	It was my understanding that you had to be 18 to get a credit card before anyway...the only way for a 15 year old to get one was to have their parent's cosign. The new rules doesn't mean that you can't use a credit card, it just means that you can't get one until you're 21 unless you have a parent. Also, they won't take away any from people under 21 that already have them. My "educated" guesses on what's going on...

30-09-2009	#5 (permalink)
link VIP Join Date: Jan 2008 Location: Near Chicago Age: 18 Posts: 1,084 Threads: 35 Gallery Uploads: 9 Reputation: 22	I applied for my credit card 4 days ago. Hurray for luck! They said I'd get it within the week, and I'm hoping this new rule won't make them take it away. Doubt it though.

30-09-2009	#6 (permalink)
willnotwill Regular Join Date: Nov 2008 Location: USA Posts: 60 Threads: 1 Reputation: 2	No, the law is that you have to show you have an income under 21. The idea is to stop card issuers from giving out cards to college students (who ought to know better). If you've got some sort of job to put on the application, it ought to be ok.

30-09-2009	#8 (permalink)
ballucanb Regular Join Date: Jan 2008 Location: none Posts: 1,729 Threads: 3 Reputation: 18	The only changes I see in my credit cards is so far just about all of them raised the interst rates, and lowered reward programs, I used to get 5% cash back on all purchases and now they want to give me 2%. The interst rate really does not effect me, I pay my card off every month, I use it for gas and lunch instead of carrying cash, if they screw around and start charging for the use or a membership I shred the card. I will use a card as long as it dosn't cost me anything for the use of the card.

30-09-2009	#9 (permalink)
bsmall Regular Join Date: Dec 2008 Location: In A Room Somewhere :) Age: 21 Posts: 53 Threads: 1 Reputation: 0	Just be careful applying for more cards if they do charge you. When places check your credit score for these cards its recorded and they see how many times other places have inquired about your credit. You don't want to rack this score up by applying for more and canceling old ones on a regular basis.

01-10-2009	#10 (permalink)
link VIP Join Date: Jan 2008 Location: Near Chicago Age: 18 Posts: 1,084 Threads: 35 Gallery Uploads: 9 Reputation: 22	My credit card just came in the mail. I'm probably just going to use it for gas because I don't buy anything else. I got it just so I could build up some credit.