A credit card is one of the most important—and potentially dangerous—financial tools you'll ever touch. And here's a fact: where you get that card is a huge decision.

Special laws are supposed to protect people our age, but guess what: they don't.

• Many online credit card companies are still pushing rotten credit cards with rotten terms and rotten interest rates—aimed at young people.
• And credit card companies can still raise your rate as high as they want—if you're 60 days late on a payment.
• Credit card companies can still raise their rates as high as they want after the first year you have your card—for no reason—on new charges to your card. Think about that! You can pay on time and still have your rates hiked.
• Credit card companies can still have "binding mandatory arbitration" clauses in their agreements. Every major consumer group in the country opposes "BMA" clauses because they totally take away your rights to use the court system if a credit card company defrauds you.
• Credit card companies can still cut back your credit limit anytime for any reason. Bingo, your credit can be slammed.
  
  Why? When your credit limit is cut back, that cuts back your ability to borrow money, and credit scoring agencies usually lower your credit rating when your ability to borrow is reduced.

How do you protect yourself from stuff like this?

• Slow down. Don't fall for gimmicks.
• Don't get a card from an online provider. Those guys are usually like ghosts: never really there. Find a mistake on your bill? Good luck finding someone to talk to.
• If you're thinking about a card, right now look at credit union credit cards for young people. They are a different animal: no "BMA" clauses, no gimmicks. No extra fees and lower fees than just about anyone when there are fees.

Don't be scammed by bad credit card companies: right now, go work through "Sucker Punch," our video-driven module on credit cards. Go to FoolProof Solo and sign up. This program will help you figure out all the credit card bits & pieces.

Hope this helps!

Cheers, Will