August 2010
For a while there, it seemed like there was no legal minimum age for a credit card at all. We've all heard tales of babies getting credit card applications, and I personally know someone whose young goat got one. (I'm not kidding here).
Things are still nebulous on this front, even in the wake of the infamous Credit CARD Act of 2009, which straightened out a lot of things credit card related. Let's take a brief gander at the issue.
These days, I think it's a good idea to set up what I think of as a "limited use" credit card account for travel and Internet use. Instead of using your high-limit Visa or MasterCard to reserve a room or pay for World of Warcraft, use a more constrained card that can't be easily hijacked for credit card fraud.
What the heck do I mean? Read on, and I'll tell you.
Though the history of credit stretches back into antiquity, the history of credit cards is surprisingly short. If you've ever wondered who we have to thank (blame?) for our current credit framework, look no further than this article. We'll be happy to let you in on the secret!
