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Released: May 09, 2013
New rule for stay-at-home partners to qualify for credit cards
Source: Herb Weisbaum, Today (NBC)
Spouses or unmarried partners who run the home will no longer be penalized for their lack of income when they apply for a credit card.
A new rule from the Consumer Financial Protection Bureau (CFPB) removes an unanticipated roadblock resulting from the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) which was signed into law three years ago this month. The law deliberately set a tough standard for anyone under the age of 21 who applied for a credit card.
Read Full Article: New rule for stay-at-home partners to qualify for credit cards
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