The Credit CARD Act may bounced bank promotions from college campuses and placed stringent restrictions on new student accounts. However, resourceful students have found alternative ways to bypass the Federal Reserve's regulations to get their hands on their own credit cards. According to a report on public radio newscast The Takeaway, the steps that under-21 students will take to open Visa and Mastercard accounts resemble time-tested strategies to sneak alcohol into dorm rooms.

New regulations require students under the age of 21 to apply for new credit card accounts with a parent, guardian, or other adult as a co-signer. Researchers for The Takeaway uncovered campus-based services that paired students with potential co-signers for a fee. The services ensure that students can open new accounts without parents' knowledge, though they don't always advise their clients about the dangers of sharing a credit history with a stranger. Partnering with parents to start a credit card account may not be advisable, either, with many Americans patching up their own credit reports. Experts interviewed for The Takeaway recommended that students wait until they turn 21 to get credit cards, as the law intended.

About the Author


Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.