Ann Romney: Credit Card Application Denied? - Legal News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Legal » Ann Romney: Credit Card Application Denied?

Ann Romney: Credit Card Application Denied?

Ann Romney: Credit Card Application Denied?
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Last year, we wrote about the Credit CARD Act potentially causing stay-at-home parents to have trouble getting a credit card. Since that time, this question has received plenty of press, but with the upcoming presidential election focusing attention on parents who stay home to raise children, the issue is more relevant than ever. Does our society value caregivers, if those caregivers aren`t getting paid for the work that they do? Should a stay-home parent be eligible for a credit card, or must they depend on a partner who does paid work?

The Credit CARD Act of 2009 introduced many provisions aimed at protecting consumers from predatory bank practices and unfair policies. One of these provisions said that a credit card issuer is required to verify an applicant`s income, in order to ensure that they have the ability to repay any debts incurred. If the applicant has no income, then a co-signer is required on the account. This rule was put in place primarily to protect students from getting into debt over their heads, forcing them to have their parents co-sign any credit card account they tried to open.

The possibly unintended effect of this legislation is that many stay-at-home parents now have trouble getting approved for a credit card. No man or woman who forgoes paid work to raise children and care for a household wants to be in the position of asking their spouse to co-sign a credit card application so that they can put groceries and other household necessities on a credit card.

Presidential Debate

Republican presidential candidate Mitt Romney, a millionaire businessman before turning to politics, often told his wife Ann that her job staying at home raising their five sons was more important than his job. In an interview with FOX News, Ann Romney recalled her husband telling her that her role at home was “a forever job that is going to bring forever happiness.”

In contrast, current First Lady Michelle Obama and her husband President Barack Obama have both always worked outside the home, largely relying on a combination of paid care providers and extended family to care for daughters Malia and Sasha. Michelle Obama, like Hillary Rodham Clinton before her, is an ambitious career woman who, like Clinton, would probably have balked at the idea that she “could have stayed home and baked cookies” after becoming a wife and mother. The cookie-baking remark was made by Clinton during the 1992 campaign and became a flashpoint for the “mommy wars” debate that still rages today.

Credit Where Credit is Due

Whether or not parents choose to work outside the home and employ daycare providers for their children, or they stay home and care for them without pay, one thing is certain: having a credit card is essential in today`s world. Having a credit card not only makes it easier for homemakers – male or female – to do the shopping and put gas in the minivan, it allows them to budget more effectively, using financial tools offered by credit cards like Chase Slate and their popular Blueprint plan, and to get rewards like cash back from programs like Discover Cash Back Bonus and Citi ThankYou points. A credit card is an indispensible tool for an at-home parent.

Making it difficult for a large segment of the population to obtain a credit card is a misstep, whether by Republicans or Democrats. Obama`s CARD Act may not have been intended to have this effect, but it does seem to have hurt stay-at-home parents. We wonder if Ann Romney would be able to get a credit card if she applied for one without her husband co-signing for her. If he is elected, we imagine Mitt Romney will make more than a few changes to the Credit CARD Act.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The New Luxury Card App is Launched
The New Luxury Card App is Launched

Posted: March 18, 2019

Luxury Card has rolled out their new app, giving cardholders access to a variety of features and benefits including, finding one of a kind experiences and chat in real time with Luxury Card Concierge Specialists. These specialists can help… Continue reading

Credit Card Debt At its Highest Level
Credit Card Debt At its Highest Level

Posted: March 15, 2019

U.S. credit card debt has surpassed all previous years hitting a whopping $870 billion in December of last year. This upswing, which brought the level of consumer debt to its highest point to date, occurred when credit card balances went… Continue reading

Citi Prestige Credit Card Adds Cellphone Protection
Citi Prestige Credit Card Adds Cellphone Protection

Posted: March 14, 2019

Breaking or losing your smartphone can get expensive, but so can paying for insurance to cover it. This is something Citi knows well so they are adding cellphone protection to the Citi Prestige® credit card package starting May… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!