New credit card reform or the CARD Act of 2009, goes into effect on February 22, 2010. This legislation signed by President Obama, will serve to protect credit card consumers more than ever before and is the largest piece of legislation ever to be passed related specifically to credit cards.

But, how will it affect you if you are a college student?

In the past, credit card companies have aggressively marketed to college students, spending a great deal of marketing time and money towards students. Credit card companies target college students and convince them to get a credit card now…before they graduate. These companies often “sweetened” the deal with freebies and introductory 0% offers.

In the United States, the age of eighteen seems to be the magic number for young adults. It is the age at which teenagers officially become ‘adults.’ However, the CARD Act will add one more thing to the list of “can’t do’s” for young adults until they reach the age of 21. The new CARD Act will prohibit consumers under the age of 21 from obtaining a credit card.

Of course, there are a few exceptions. These exceptions are:

• If the consumer has a steady flow of income, they may be eligible to get a credit card.
• If the consumer has a responsible co-signer, they may be eligible to get a credit card.

Why?

Barbara Mikulski, a Senator from Maryland, says that the Act is in college students’ best interest. It is supposed to prohibit the old practices of credit card companies…to “weigh” students down with credit card debt before they even graduate.

The CARD Act will help protect college students from what is an ever-increasing amount of credit card debt. Rather than graduating with credit card debt, more college students will graduate with little or no credit history.

Here’s how you can work with the CARD Act to make sure that you can graduate with a credit history.

1. Get a job. It is possible to complete your college studies and have a job at the same time. Millions of students have done it and so can you; proving that you have adequate income to cover your credit card account.

2. Find a co-signer. Find a parent, guardian or spouse that is willing to co-sign with you. This gives you the opportunity to build your credit before you graduate.

It is extremely important for students to graduate with an established credit history. Having an established credit history or not can affect your ability to get a job, buy a home or car and even the rates you pay for insurance. The CARD Act has been established to help all consumers, so let it help you establish credit; even while finishing college.

See the average credit card debt by state along with other credit card facts. Click the image to see a full-size version.

For people with excellent credit, it is often difficult to find an exclusive credit card that rewards them something additional than most credit cards. With the arrival of Simmons First credit cards here at PlasticRewards.com, people with excellent credit don’t need to look any further. Simmons First offers two Visa credit cards for those with excellent credit.

Simmons First Visa® Platinum

This Platinum Visa from Simmons First features a low APR of 7.25% currently on purchases and balance transfers. If you do need to transfer a balance, there is an benefit that is hard to come by these days - no balance transfer fees. All balances must be transferred at the time of card application. Plus, there is no annual fee and with the Simmons First Visa Platinum you can enjoy platinum benefits like: global acceptance, travel insurance, emergency replacement and more.

Simmons First Visa® Platinum Rewards

This card was recently chosen as Money Magazine’s top travel rewards credit card. The Simmons First Visa Platinum Rewards offers one of the most versatile travel rewards program that allows cardholders to choose from airline tickets, hotels, cruises vacation packages and more. Every dollar you spend on purchase earns one point redeemable for travel rewards. The card also features a low APR, no balance transfer fees and platinum benefits; all with no annual fee.

Having excellent credit definitely has its rewards and the Simmons First Visa credit cards can help you get them.

Let’s face it. The current economic situation is downright depressing. Jobs are being lost. Homes are being foreclosed on. American citizens are not able to pay their bills.

To make matters worse, the credit card industry is placing unintentional and intentional heat on the American consumer. This is adding more and more stress on everyday Americans who are already having a very difficult time paying their bills.

Credit Card Unintentional Stress
How many Americans have a credit card? How many of those consumers have more than one credit card? How many have more than five? More than 10? We, as an American society, have become almost completely dependent on credit cards.

Having one credit card can be easily managed. However, managing more one credit card becomes increasingly more difficult. That is exactly what is adding to unintentional credit card stress.

Consumers have realized that they are having a hard time paying their bills. They are having a hard time making the mortgage payment, paying the utilities and putting food on the table. Credit card payments have been completely pushed to the back burner.

Although there are well-intentioned credit cardholders out there, there are also many people who simply don’t worry about paying their credit card payments. Whether you intend to pay your credit card payment, or you don’t, you need to start thinking about the amount of credit card debt that is attached to your good name.

Many consumers just pay the minimum payment every month. In fact, more than thirty percent of credit cardholders only pay the minimum payment every month. Consumers who only pay the minimum payment have recently found themselves under a great deal of stress. Why? Because they just can’t get out from under their credit card debt by just making the minimum monthly payment.

Sit down and create a reasonable budget. Plan on allocating as much money to your credit card debt as possible. Make a conscious effort to pay at least the minimum payment (but preferably more) every month (although paying “just” the minimum payment won’t get you out of debt very fast. Get rid of your credit card woes by paying off your credit card debt.