What change to credit card eligibility does the Credit Card Accountability Act impose?

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act primarily aims to protect consumers from unfair and deceptive practices related to credit card usage. One significant provision of the CARD Act is that it restricts access for individuals under 21 years of age unless they can demonstrate the ability to repay or have a co-signer over the age of 21.

This provision was enacted to ensure that younger individuals do not accumulate debt that they cannot manage, promoting responsible borrowing habits from an early age. The restriction on issuing credit cards to those under 18 is particularly focused on preventing minors from accruing debt without appropriate oversight.

The correct answer aligns with the broader goal of the CARD Act in fostering responsible credit use, thereby enhancing consumer protection. Other options do not accurately reflect the implications of the CARD Act. For instance, the law does not eliminate interest rates for minors or prohibit all credit transactions for those under 21, nor does it make it easier for anyone under 21 to access credit cards without the required financial considerations.