The last parts of the 2009 federal legislation that overhauled the credit card history will be phased in this year.

Over the last year, as a result of the legislation, credit card companies are banned from raising interest rates on existing balances and prohibiting issuers from raising rates when customers miss payments on an unrelated account.

This year other portions of the bill, specifically relevant to college students will be phased-in. These include banning credit card issuers from providing credit cards to people under age 21 unless another adult co-signs for it or the student can show an independent source of income.

In addition, credit card companies are prohibited from offering free incentives in exchange for signing up for a card on campus or at institution events. Colleges are also required to make public any partnerships they have with card issuers.

Finally, credit card issuers must submit any contracts they have with collegiate groups to the Federal Reserve. The Federal Reserve will compile a report with this information, detailing the nature of these relationships.