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Beginning on Monday, Feb. 22 nobody under the age of 21 will be able to apply for a credit card unless the applicant can provide proof of income or have an adult co-sign the application.

These changes are part of the Credit Card Accountability, Responsibility and Disclosure Act (CARD), that was signed by President Barack Obama last May.

Lawmakers hope that this credit reform will decrease credit card abuse by young people, according to Ben Woolsey, director of marketing and consumer research for CreditCards.com, in an e-mail.

One provision forbids credit card companies from raising finance rates on existing cards, and are limited in the amount of interest they can charge. A maximum of 25 percent of the credit card limit can be charged in fees and for interest.

Some students do not feel that these changes are the best way to tackle the issue of credit card debt among young adults.

Sophomore Kristen Kaiser has had a credit card since she was 18. She said that credit cards can be good for people who know how to manage them correctly.

“Since I’ve had my credit card I’ve been better at managing my finances. I also think it’s good to have credit history on my record if I ever have to get any loans,” said Kaiser.

Others think that the new provisions may be helpful.

“Though I do not think they will make much of a difference, I think that these new rules may be okay since people who need credit cards to pay for school and other things can still get them if they can pay them off,” said sophomore Stephanie Olmstead.

Also under the act, companies will be prohibited from soliciting cards to students under 21 at colleges, according to Woolsey.

“Students can expect to see fewer card offers in the future,” said Woolsey.

Companies will also be prohibited from offering incentives based on approval to underage college students, as well as free offers by mail. The companies will have to disclose a detailed log of the cards they solicit at each university for officials to evaluate.

“Lack of capital and credit card debt that cannot be paid off before graduation are probably the biggest problems [with credit card debt],” Woolsey said.

Some provisions of the Credit CARD Act have already begun.

Since last August, credit card holders have been able to opt out of parts of their credit card terms, which can allow more time to pay their balances. This also requires companies to give 45 days’ warning of any changes to their accounts, including changes in interest rates and fees.

Still others will begin this August. On Aug. 22, companies that have raised interest rates since January 2009 will be required to lower the interest rates for cardholders that have paid their bills on time for six consecutive months.

Students who are 18 may still apply for a credit card before Monday.