(WHAS11)-Starting Monday, credit card companies will have to play by some different rules, but experts say you should still be on the lookout.
The card act was signed into law last May to protect American card holders. It will eliminate practices like "double billing cycles", random interest rate increases and stiff fees for exceeding your credit limit.
But issuers can still impose new fees. So experts suggest paying close attention to the terms and conditions. Companies are also expected to make it more difficult for consumers to get credit.
The new law is expected to have one of the biggest impacts on college students.
The new rules prevent anyone under 21 from getting a credit card unless they have an income to pay the bills.
If they don't have that, they'll need a parent to co-sign the application.
Experts say limiting credit card access to college students is a good idea.
"Too many young people have come out of college deep in debt and with significant black marks on their credit, because of irresponsible spending and a misunderstanding of how the credit system works," says Gail Hillebrand/Consumers Union
If your student has to have plastic, experts suggest trying a pre-paid credit card or a debit card first.
