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.

With almost every credit card out there, not making your payment on time or exceeding your credit limit, you can be sure of an interest rate increase, fees or combination of both. But, what does your credit card do for you when you make your payments on time or do not exceed your credit limit? Enter the Forward credit cards from Citi - the only card that rewards cardholders for responsible use and good behavior. Separate credit cards are available for personal use and college students.

For consumers, the Citi Forward(SM) Card rewards you when you make three payments on time and stay below your credit limit. Your reward comes in the form of an APR reduction up to 2% on purchases. However, a reduced APR won’t be your only reward for your good behavior. How about earning ThankYou points on every purchase you make? Earn 6,000 points after $50 in purchases, 5,000 points when you sign up for paperless statements and five points for every $1 on dining, books, movies and music.

The Citi Forward(SM) Card for College Students offers the same rewards for college students too. Students using the card responsibly will save money and work towards establishing a good credit history. Cardholders can use their ThankYou points for almost any type of reward.

Both cards offer new applicants a 0% APR for six months on purchases and balances transfers. Please see the issuer’s website to read the full terms and conditions or to apply online.

You spend all your time either in class, playing or studying. That doesn’t leave much time worrying about your credit history.

However, your credit history is one of the most important things to keep in mind while you are in school. Credit card companies offer great incentives to students. These incentives include building your credit history quickly, free account management tools, low interest rates, rewards and more.

Once you graduate, everyone will automatically look and see if you have a strong credit history. If you don’t, you will have to spend several years building one. Save yourself the headache of having to deal with that after you graduate and deal with it now.

Discover Student Open Road Credit Card

One of the best ways to build your credit history while still in school is to get a student credit card. Student credit cards are reasonable and affordable. The best student credit card out there is the Discover Student Open Road card.

The Discover Student Open Road card really offers the student superb benefits and incentives. You can actually earn cash back or reward points every time you use the Student Open Road card. For instance, every time you shop at the grocery store during the months of November and December, you will automatically earn double Cashback Bonus points.

Cashback points are wonderful because they give you the opportunity to earn cash back while you shop. Believe me, this will certainly come in handy during your college years. With the Discover Student Open Road card, you can earn 5% Cashback Points on all of your gas purchases and all of your purchases on auto maintenance. For all of the rest of your purchases, you earn 1% cash back. No matter what, you will come out ahead with the Student Open Road card.

Discover has made it possible to really build a strong credit history with the Student Open Road card. This is because Discover knows how important it is to graduate with a solid credit history attached to your resume. There isn’t an annual fee and you can take advantage of a low interest rate each month. Your credit and credit card account will also be protected against fraud with Discover’s $0 fraud liability guarantee.

It’s time to start thinking about your credit history. Graduating with a strong credit history is just as important as graduating with an effective degree. Apply and use the Discover Student Open Road card to get the most for your money.