Chargebacks911 CEO Monica Eaton, one of the world’s foremost experts in the payments space, was asked to share her thoughts on credit card use in a new feature for CardRatings.com.
The folks at CardRatings.com are dedicated to providing the most up-to-date news and trends within the credit card space. Their team of financial experts have provided comprehensive and unbiased credit card reviews to help everyday cardholders feel more confident about their card choices since 1998.
Card issuers take a lot of different factors into account when deciding whether to issue a line of credit to potential borrowers. As Monica explains, this is in line with legal restrictions designed to protect Americans against abusive lending, as well as laws meant to increase financial inclusion.
“The law that allows this is the Credit Card Accountability, Responsibility and Disclosure Act, a.k.a. the CARD Act of 2009 and 2013, and it’s been a tremendous boon to stay-at-home parents, because under the old system, if they reported a personal income of $0, then they might be rejected when they applied for a credit card,” Monica notes. “And without their own credit card, it was really tough for the nonworking spouse to build-up his or her own credit history or accrue their own reward points. This new system is much more egalitarian — and more realistic for the day-to-day realities of Americans in 2024.”
