Digital News Report – The downturn in the economy has made it difficult for Americans to handle their debts. Bankruptcies and the unemployment rate are high while credit has become tight.
Credit cards have become an integral part of our society and are needed to rent a car, a hotel room and in some cases are used as a second form of identification. The new credit laws went into effect last week making it more difficult for some consumer to qualify for credit cards.
Centennial® Classic Credit Card
The Centennial® Classic Credit Card is great for students or others who need a credit card but do not have established credit. The U.S. Bureau of Labor Statistics reported this week that young people are finding it especially hard to find jobs.
The card can help improve credit scores. Even consumers with poor, bad or no credit can receive this card. The bank reports to the major consumer reporting agencies, so if payments are made on-time your credit score can improve.
There are some things to watch out for. The Federal Trade Commission is providing a list of things to consider before choosing a credit card. The FTC says that card issuers will “generally” disclose important terms. These terms include the fees, transaction fees, the annual percentage rate and the grace period.
This week the Federal Reserve Board implemented the final stage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. This act is holding card issuers more accountable, but it has also made it more difficult for people with bad credit to qualify for a card.
By: Tina Brown