Community Credit Union offers Teen Loans and Teen Credit Cards. Our purpose in this effort is to teach teenagers about the importance of saving, building a budget and being responsible with their finances. As part of this program, teens must:
- Be at least 16 years old - Have an active TLC Account for a minimum of 3 months - Have a positive savings account history - Be employed for a minimum of 6 months - Provide a letter of reference - Have a parental or guardian co-signer - Complete a Teen Financial Counseling Session with a Loan Officer
Teen Loans
Teen Credit Cards
- $250-$2,000, Maximum 24 months
- $100-$250 Credit Limit
- $2,000-$5,000, Extended terms available
- 13.9% APR
- Auto pay required
New Credit Card Law Brings Changes for Young Adults
You've probably already seen changes in the world of credit cards or at least noticed all the disclosure notices appearing with your credit card bills. The first phase of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) went into effect Aug. 20, 2009.
The last round of credit card changes went into effect in August 2010. Those changes primarily affected credit card fees. Changes related to general-use prepaid cards, gift certificates, and store cards also went into effect at that time.
New rules for card issuers The majority of the Act went into effect Feb. 22, 2010. Among the changes are many that affect how those younger than age 21 can obtain credit, including limits on marketing and issuing credit cards to this group........
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